Back Jul 09, 2024

Robusta coffee futures climb while sugar also gains

 -Robusta coffee futures on ICE rose sharply on Monday, buoyed by supply tightness driven by slow exports from Vietnam and strong demand, while sugar prices were also higher.


COFFEE

* September robusta coffee LRCc2 rose 3.6% to $4,334 a metric ton by 1222 GMT, climbing towards a record high of $4,394 set on June 6.

* Dealers said the pace of exports from Vietnam remained slow, with supplies in the world's top robusta producer set to remain tight until the next harvest gathers pace in November.

* They noted, however, that the robusta harvest in Indonesia was slowly beginning to accelerate with significant improvement expected compared with last season.

* September arabica coffee KCc2 was up 2.4% at $2.3435 per lb, helped by concerns over dry weather in Brazil.

SUGAR

* October raw sugar SBc1 rose 0.7% to 20.28 cents per lb.

* Dealers said concern over the impact of dry weather on Brazil's harvest continued to support prices despite strong production so far in the 2024/25 season.

* "CS (Centre-South) Brazil's first half June sugar production was exceptional, but there are lingering concerns regarding cane conditions after drought," analysts Green Pool said in a weekly update.

* August white sugar LSUc1, which expires next week, was up 0.05% at $575.30 a ton.


COCOA

* September London cocoa LCCc2 lost 0.2% to 6,537 pounds a ton.

* September New York cocoa CCc2 was down 0.1% at $7,845 a ton.


Source: XM

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