NEW YORK/LONDON (Reuters) – Arabica coffee futures traded on the ICE closed higher on Monday, reversing most of the losses from the previous two sessions, but remained far from the 10-year peak reached last week.
COFFEE
* Arabica coffee for March rose 1.7% to $2.3670 per pound. On Tuesday, the contract hit a 10-year high of $2,5235.
* Arabica stocks in ICE exchange warehouses, a significant source of market concern previously, have stopped relentlessly declining for the time being.
* The size of the next Brazilian crop is fundamental for the market going forward and traders have been visiting the country’s coffee fields to better assess production potential.
* ICE Arabica coffee speculators cut their net long position by 911 contracts to 46,661 for the week ended Dec. 7, data showed.
* Robusta coffee for March fell 0.17% to $2,287 a ton after also hitting a 10-year high on Tuesday of $2,334.
SUGAR
* Raw sugar for March fell 0.3% to 19.64 cents per pound.
* ICE sugar speculators cut their net long position by 13,169 contracts to 97,930 for the week ended December 7th.
* Traders say sugar is indebted to broader financial market sentiment and will continue to consolidate in the near term. They add, however, that a move above 20 cents is more likely than a drop below 19.50 given tighter supply forecasts.
* White sugar for March retreated 0.2% to $510.10 a ton.
(Reporting by Marcelo Teixeira and Maytaal Angel)
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