2023-11-03 23:55:44
© Reuters. Coffee farm worker in Costa Rica 01/9/2020 REUTERS/Juan Carlos Ulate
NEW YORK (Reuters) – ICE arabica futures rose to a more than 6-week high on Friday, driven by a drop in bourse inventories of the product to a new 24-year low, while arabica prices fell. even more so compared to the record peak set at the beginning of the week.
CAFÉ
* December Arabica coffee closed up 5.55 cents, or 3.4%, at 1.709 per pound, after reaching a high of $1.7135, the highest value in more than six weeks.
* Dealers said logistics problems in Brazil led roasters to turn to stock exchanges.
* ICE-certified stocks fell to 360,009 bags on Thursday, the lowest level in 24 years.
* Financial investors switched from short to long positions in Arabica futures contracts.
* Traders noted that the front-month premium over March increased to about 1.95 cents per pound from about 1.60 cents at Thursday’s close.
* January coffee rose $44, or 1.9%, to $2,372 per metric ton.
COCOA
* London fell 14 pounds, or 0.4%, to 3,343 pounds per metric ton, moving further away from a record of 3,385 pounds set on Monday.
* Dealers said the scope for further losses appeared limited, with the market supported by the prospect of a global deficit in the 2023/24 season, driven by lower production in Ivory Coast and Ghana.
SUGAR
* March crude closed up 0.29 cents, or 1.1%, at 27.77 cents per pound.
* December white sugar rose $12.60, or 1.7%, to $757.60 per ton.
(Reporting by Nigel Hunt and Marcelo Teixeira)
#Coffee #reaches #high #weeks #stocks #fall #Reuters