Robusta coffee hits 2-1/2-month low, sugar also falls

Reuters

Robusta coffee hits 2-1/2-month low, sugar also falls

2024 11월 1, 오후 2:47 GMT

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Adds background, updates prices

LONDON, Nov 1 (Reuters) -Robusta coffee futures slid to a 2-1/2-month low on Friday, with the harvest in Vietnam set to gather pace this month, while raw sugar futures also fell.

COFFEE

* January robusta coffee LRCc2 fell 1.8% to $4,290 a ton by 1429 GMT, after setting a 2-1/2-month low of $4,259.

* Dealers said strong exports of conilon (robusta) coffee from Brazil this season had also been weighing on prices.

* December arabica coffee KCc1 was 1.5% lower at $2.4230 per lb, with the focus still on the extent to which recent rains will help Brazil's coffee crop recover from a prolonged dry spell.

* Brazilian coffee areas had ample flowering in October after rains returned, according to co-ops and agronomists, but it remains to be seen whether those flowers will lead to a good fruit load for the 2025 crop.

SUGAR

* March raw sugar SBc1 fell 1.5% to 22.39 cents per lb, retreating from an earlier three-week peak of 23 cents.

* Dealers said the market remained on track for a weekly gain, boosted by tightening supplies which could leave the market susceptible to price spikes if any significant crop problems occur in key producing countries.

* "We anticipate that tight sugar supplies will persist through the remainder of 2024 and into 2025, continuing to support high prices," analysts at BMI said in a note.

* December white sugar LSUc1 fell 1.4% to $568.60 a metric ton.

COCOA

* March London cocoa LCCc2 was up 1.2% at 5,421 pounds a ton.

* Dealers said processing of beans had held up comparatively well in the 2023/24 season despite high prices.

* December New York cocoa CCc1 gained 1% to $7,405 a ton.

Reporting by Nigel Hunt
Editing by David Goodman and Shilpi Majumdar

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