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LONDON COFFEE

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SOFTS-Arabica coffee weakens, cocoa and sugar also down

11/30/2020 | 05:54pm EST

NEW YORK/LONDON, Nov 30 (Reuters) - Arabica coffee futures on ICE weakened on Monday, slipping from the prior session's 2-1/2 month high, while cocoa and sugar prices also fell.

COFFEE

* March arabica coffee settled down 0.9 cents, or 0.7%, at $1.233 per lb. The benchmark second position rose to a peak of $1.2480 on Friday, its highest since mid-September.

* Dealers said rains over the next few days could aid the outlook for crops in southern Brazil, although some of the damage from the recent dry spell was likely to be irreversible.

* "Brazil's 2021 crop forecasts are being lowered just when COVID-19 vaccines signal a future resurgence in demand," broker Marex Spectron said in a report, noting it expected demand growth to be above trend from the second quarter of 2021 and lasting into 2022.

* March robusta coffee settled down $8, or 0.6%, at $1,405 a tonne.

* Vietnam exported 70,000 tonnes of coffee in November, down 37.5% from a year earlier, government data released on Sunday showed.

COCOA

* March New York cocoa settled down $27, or 1.0%, to $2,739 a tonne.

* Dealers said a strong start to the main crop in top grower Ivory Coast remained a bearish influence although the low level of exchange stocks continued to provide support.

* There are concerns, however, that recent below average rains may curb production from February onwards.

* March London cocoa settled down 11 pounds, or 0.6%, to 1,858 pounds per tonne.

* Ivory Coast and Ghana are cancelling all cocoa sustainability schemes run by U.S.-based Hershey in the west African countries, accusing the chocolate maker of trying to avoid paying a cocoa premium aimed at combating farmer poverty.

SUGAR

* March raw sugar fell 0.31 cents, or 1.6%, to 14.51 cents per lb.

* Dealers said India was generally expected to announce a programme to subside exports, possibly in late December, with the volume potentially around five million tonnes.

* March white sugar fell $5.90, or 1.4%, to $398.80 a tonne. (Reporting by Nigel Hunt, additional reporting by Jessica Resnick-Ault; Editing by Ken Ferris, Pravin Char and Richard Chang)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) 2.24% 6.6542 Delayed Quote.2.58%
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