NEW YORK/LONDON (Reuters) – Robusta coffee futures closed with more than 2% higher on ICE this Wednesday, as the tightness in supply continues to support the market for this variety.
Raw sugar futures rallied earlier after rising energy prices but barely changed by the end of the session.
COFFEE
* Robusta coffee for January closed up 2.3% to 2,314 dollars a ton.
* Operators say the robusta market remains well supported due to transport difficulties in Asia and increased demand as roasters increase their use of the variety, which is comparatively cheaper than Arabica.
* Indonesia exported 8,811.44 tonnes of robusta coffee beans from Sumatra in November from Lampung province, data from the local trade office show, down 70.8% from the same month last year.
* Arabica coffee for March rose 0.4% to $2.3325 per pound.
SUGAR
* Crude sugar for March rose earlier in the session following oil rally but lost steam and ended unchanged at 18.60 cents a pound.
* “Fundamentally speaking, when it comes to sugar, things tend to look more bullish than bearish. But not many are still paying attention to the fundamentals these days, remaining mesmerized by the bloodbath that happens especially in the oil and energy complex,” CovrigAnalytics said in a weekly update.
* White sugar for March fell 0.3% to $484.20 a ton, having previously touched a two-and-a-half-month low at $483.70.
* Sugar beet production in France is expected to reach 35 million tonnes this year, in a recovery from a very poor 2020 crop, growers group CGB said.
(Reporting by Marcelo Teixeira and Nigel Hunt)
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