Robusta coffee hits new peak, cocoa also climbs

Reuters

Robusta coffee hits new peak, cocoa also climbs

2024 8월 27 일, 오전 11:47 GMT

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LONDON, Aug 27 (Reuters) -Robusta coffee futures rose on Tuesday to the highest level in at least 16 years, buoyed by tight supplies, while New York cocoa climbed to a six-week peak.

COFFEE

* November robusta coffee LRCc2 was up 1.5% at $4,787 a metric ton by 1049 GMT after peaking at $4,862, the highest level in at least 16 years.

* Dealers said farmers in Vietnam and Indonesia have been holding back coffee, expecting prices to rise further, exacerbating supply tightness.

* December arabica coffee KCc2 rose 1.4% to $2.5325 per lb after hitting a 2-1/2 year high of $2.5710.

COCOA

* December New York cocoa CCc2 rose 1.1% to $8,100 a ton after climbing to a six-week high of $8,242.

* Dealers said the extent of any rebound in production in West Africa in the 2024/25 season may be smaller than expected with more rain needed in the region.

* Rains were mainly below average last week in most of Ivory Coast's main cocoa regions, with more rain mixed with sun needed in September and October to boost the October-to-March main crop's duration and size, farmers said on Monday.

* December London cocoa LCCc2 rose 2.2% to 5,586 pounds a ton.

SUGAR

* October raw sugar SBc1 fell 0.3% to 18.98 cents per lb after hitting a five-week high of 19.38 cents.

* Dealers said the market had fallen back slightly after surging on Monday and early Tuesday as fires burned sugarcane fields in Brazil's top producing state.

* Four men have been arrested on suspicion of setting the fires, which spread quickly amid extremely dry conditions across thousands of hectares of cane fields, burning into the weekend in Sao Paulo state, the largest sugar producing state in the world's top producer and exporter of the sweetener.

* Brazil's largest sugar group Raizen SA estimated that about 1.8 million tons of its sugarcane, including what it sources from suppliers, had been affected by the fires, or about 2% of the total expected for its 2024/25 crop.

* October white sugar LSUc1 rose 1.9% to $535.70 a ton.

Reporting by Nigel Hunt; editing by David Evans

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