2023-12-04 12:19:47
Raw sugar futures on the ICE hit a 3-1/2 month low on Monday, pressured by rising inventories in major producer Brazil, while coffee futures fell. drop.
SUCRE
* March raw sugar fell 0.2% to 25.04 cents a pound at 1159 GMT, following hitting a three-and-a-half month low of 24.58 cents. It recorded a weekly loss of 7% last week.
* Traders said weather conditions in Brazil are expected to remain favorable in the near term, the logistics situation is not as bad as expected and technical signals, including near spreads, have turned bearish.
* Speculators reduced their long position in raw sugar by 19,908 lots during the week of November 28, and now hold a net long position of 121,729 contracts, the data shows.
* March white sugar fell 0.4% to $693.90 per tonne.
CAFÉ
* March Arabica coffee fell 2.8% to $1.7915 a pound, following hitting a six-month high last week.
* Traders said much-needed rains were expected to accelerate in Brazil’s coffee regions during the second half of December, improving prospects for a bumper crop next season.
* Honduran coffee exports in November increased 62.7% from last year, due to shipping commitments from the latest harvest and not an increase in demand. The current harvest has been delayed by rains.
* January robusta coffee fell 2.4% to $2,467 per metric ton.
*The weather in Vietnam, the main robusta producer, has been favorable for the harvest thanks to cooler temperatures and the absence of rain, meaning the coffee is starting to flow.
COCOA
* March London cocoa rose 0.1% to 3,503 pounds a tonne following hitting a new record last week.
* Arrivals of main harvest cocoa at ports in Ivory Coast, the main producer, have fallen 35% since the start of the season, exporters estimated on Monday.
* Traders, however, said strong sterling and long sell-offs, with investors put off by current price levels, are limiting cocoa price gains for now.
* March cocoa in New York rose 0.3% to $4,215 per tonne (reporting by Maytaal Angel; editing by Varun HK).
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