US: Arabica coffee closes down on ICE and retreats 2.7% in the week

Published 2022년 12월 9일

Tridge summary

ICE arabica coffee futures have experienced a decline, dropping 0.3% to $1.5815 per pound and leading to a 2.7% loss for the week. This downturn is partly due to the market's defensive behavior following a brief recovery, caused by concerns over the upcoming Brazilian coffee crop. The market's bearish trend is also attributed to the significant rise in ICE-certified coffee stocks, which have increased to a high not seen since November. In contrast, raw sugar prices saw a slight increase, supported by the positive impact of rainfall in Brazil on the sugarcane crop.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

NEW YORK/LONDON (Reuters) - ICE arabica coffee futures closed lower on Friday, accumulating losses of 2.7% for the week, pressured in part by rising inventories on the exchange, while raw sugar prices also They fell. COFFEE * March Arabica closed down 0.55 cents, or 0.3%, at $1.5815 a pound. The contract lost 2.7% for the week, the second consecutive week of declines. * Dealers say the market has returned to the defensive after a short-lived recovery linked in part to deteriorating prospects for next year's crop in Brazil. * “Following a temporary recovery due to a worsening supply outlook at key producers Brazil and Colombia, arabica coffee prices have started to decline, triggered by a strong recovery in ICE arabica coffee stocks,” Fitch Solutions said in a note. . * Stocks of ICE-certified coffee rose to 681,698 bags on 9 December, well above the 23-year low of 382,695 bags recorded on 3 November. There were 384,310 bags pending sorting. * January Robusta coffee fell $34, or ...

Source: Mixvale