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Adds background, updates prices
LONDON, March 10 (Reuters) – Raw sugar futures fell slightly on Friday with the market looking to consolidate after its recent strong advance, while arabica coffee regained some ground after slumping to a four-week low earlier in the session.
SUGAR
* May raw sugar SBK3 fell 0.4% to 21.07 cents per lb by 1533 GMT, slipping back from the prior session’s contract high of 21.33 cents.
* The recent run-up has been driven partly by diminishing prospects for production in India, Thailand and China, which have helped to tighten global supplies.
* An improving outlook for sugar production in Centre-South Brazil during upcoming 2023/24 has, however, helped to stall the advance.
* “Expectations of a 13.0% increase, reported by DATAGRO, in Brazil’s centre/south region have catalysed the recent cooling of prices,” Fitch Solutions said in a note.
* May white sugar LSUc1 fell 1.2% to $585.40 a tonne.
COFFEE
* May arabica coffee KCc2 rose 1% to $1.7670 per lb after earlier dipping to a four-week low of $1.7375.
* Dealers noted ICE certified stocks were beginning to edge back up again after dipping to the lowest level this calendar year earlier this week.
* Green coffee exports in Brazil fell 35.8% in February, exporters group Cecafe said on Thursday, as stocks in the country run low after two poor crops while farmers are reluctant to sell what is left at current low prices.
* May robusta coffee LRCc2 fell 0.7% to $2,152 a tonne.
COCOA
* May London cocoa LCCc2 fell 2.5% to 2,065 pounds a tonne, extending its fall from a six-year high of 2,177 pounds set earlier this month.
* Dealers said recent weakness had created a more bearish outlook on price charts and the market may fall further in the short-term.
* A strong pound also weighed on London prices.
* May New York cocoa CCc2 fell 1.3% to $2,697 a tonne.
(Reporting by Nigel Hunt; Editing by Nick Macfie and Shounak Dasgupta)
(( nigel.hunt@thomsonreuters.com; +44 (0) 7990 561421; Reuters Messaging: nigel.hunt.thomsonreuters.com@reuters.net))
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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