2024-01-09 01:25:33
© Reuters. Coffee harvesting worker in Varginha, Minas Gerais. REUTERS/Roosevelt Cassio
LONDON (Reuters) – ICE futures contracts in London fell to their lowest level in two months on Monday, affected in part by rain in Côte d’Ivoire, the biggest producer, while arabica prices also improved. weakened.
The gross, in turn, rose 3%.
COCOA
* March cocoa in London fell 113 pounds, or 3.2%, to 3,381 pounds per tonne, after hitting a two-month low at 3,331 pounds.
* Traders said technical indicators turned bearish after breaking key support levels, as unseasonal rains across most of Ivory Coast are expected to boost crop prospects in the world’s biggest producer.
CAFÉ
* March arabica coffee fell 1.4 cents, or 0.8%, to $1.814 per pound, after setting a six-week low at $1.7950.
* Traders said the market was pressured by favorable weather in Brazil, the biggest exporter, while the annual rebalancing of index funds this month is expected to lead to a sell-off of Arabica coffee, following its strong performance last year.
* They also noted that Brazil’s green coffee exports in December rose to 243,560 tonnes, 34% above the 182,101 tonnes in the same month last year.
* March coffee rose $90, or 3.2%, to $2,885 per ton.
SUGAR
* March raw sugar rose 0.63 cents, or 3%, to 21.74 cents per pound.
* Dealers said the market was regaining ground after falling sharply last month to a nine-month low of 20.03 cents.
* Strong production in Brazil’s Center-South fueled the recent drop, but concerns about harvests in Asia, mainly India and Thailand, continued. Rainfall in the State of São Paulo has so far been below average, which could prevent ideal development for the 2024 harvest.
* March white sugar rose 2.4% to $621.70 a ton.
(Reporting by Nigel Hunt)
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