LONDON (Reuters) – Arabica coffee futures on ICE hit their highest level in nearly a decade on Thursday on solid fundamentals, before a wave of profit-taking led to a negative close.
Sugar also closed down.
COFFEE
* Arabica coffee for March closed down 5.6 cents to $2.2915 per pound after hitting $2.3835 during the session, the highest since January 2012.
* Operators say the market continued to be supported by delays in shipments from South America and high freight costs, which helped to increase demand for stock on the exchange.
* Recent strong market performance has also helped to drive technically based buying.
* Robusta coffee for January dropped $44 to $2,212 a ton.
SUGAR
* Raw sugar for March closed down 1.1% to 20.18 cents per pound, after touching a peak of 20.69 cents, the highest for the first contract since February 2017.
* Operators noted that tight supply, with a second successive global deficit widely predicted for the current 2021/22 season, continued to support prices, while supply-chain problems linked in part to the Covid-19 pandemic increased appetite by stocks.
* The International Sugar Organization, in a quarterly update, said the pandemic has changed perceptions about keeping stocks of the commodity.
* The rains should return to Brazil’s sugar belt in the coming days. Supply chain information provider Czarnikow estimates a four-day stoppage in milling due to rainfall.
* White sugar for March dropped 1.5% to $516.60 a ton.
(Reporting by Marcelo Teixeira and Nigel Hunt)
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