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Updates with closing prices
March 3 (Reuters) – Arabica coffee futures on ICE settled lower on Friday as investors continued to take profits after bidding prices up to a four-month high last month.
London cocoa also settled lower, continuing its decline from this week’s six-year high.
COFFEE
* May arabica coffee KCc2 settled 4.35 cents, or 2.4%, lower at $1.7785 per lb.
* Rabobank said the market had become overbought after private analysts slashed their forecasts for the current 2023/24 coffee crop in top producer Brazil.
* May robusta coffee LRCc2 settled $18, or 0.8%, lower at $2,162 a tonne.
COCOA
* May London cocoa LCCc2 settled 29 pounds, or 1.4%, lower at 2,112 pounds per tonne. The market had risen on Wednesday to a six-year high of 2,177 pounds.
* Cocoa remains underpinned by tight supplies, particularly in top grower Ivory Coast, where bean exports this season are running well behind a year earlier.
* May New York cocoa CCc2 settled $30, or 1.1%, lower at $2,760 a tonne.
SUGAR
* May raw sugar SBc1 settled 0.61 cents, or 3.0%, higher at 20.92 cents per lb.
* Sugar is being boosted by a diminished outlook for production from India this season.
* More than two dozen mills in Maharashtra had stopped cane crushing by the end of February, nearly two months earlier than last year, a senior state government official said.
* So far this season though, Indian mills have produced 25.8 million tonnes of sugar, up 1.8% year on year, the Indian Sugar Mills Association said.
* May white sugar LSUc1 settled $15.60, or 2.7%, higher at $588.40 a tonne.
(Reporting by Laura Sanicola and Maytaal Angel; Editing by Sharon Singleton and Krishna Chandra Eluri)
((Laura.sanicola@tr.com; 646-369-2618))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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