Robusta coffee prices slip from more than two-month peak
LONDON, Nov 28 (Reuters) -Robusta coffee futures turned lower on Thursday after touching their highest in more than two months while white sugar prices also fell.
New York-based arabica coffee, cocoa and raw sugar contracts were closed on Thursday for the U.S. Thanksgiving holiday.
COFFEE
* January robusta coffee LRCc1 fell 1.3% to $5,460 a metric ton by 1317 GMT after rising in early trading to a more than two-month peak of $5,613.
* Dealers said the current strength in arabica futures, which rose on Wednesday to the highest levels in nearly half a century, was boosting the robusta market.
* A slow start to the harvest in top robusta producer Vietnam has also provided support.
* "The volume of newly harvested beans we have bought from farmers so far this crop year is way lower than previously," a trader in Vietnam's coffee belt said.
* Brazilian coffee traders Atlantica and Cafebras will negotiate with their creditors in court, they said in a statement on Wednesday, citing debt issues caused by poor crops and currency moves.
SUGAR
* March white sugar LSUc1 was down 1.2% at $553.30 a ton.
* Dealers noted a weak tail to Brazil's sugarcane crop was helping to underpin prices, with mill closures running well ahead of normal.
* Brazil's agriculture state agency Conab on Thursday estimated Brazilian sugar production in 2024/25 at 44 million metric tons, down from a previous forecast of 46 million tons.
COCOA
* March London cocoa LCCc2 rose by 1.2% to 7,532 pounds a ton.
* International buyers of Ghana's cocoa have made at least half a billion dollars of upfront payments to state marketing board Cocobod, Reuters calculations show, in a dash to secure supplies and avoid another season of heavy losses.
Reporting by Nigel Hunt
Editing by David Goodman
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
