US: Arabica coffee prices retreat from four-month peak on ICE, while sugar goes up

Published 2023년 2월 23일

Tridge summary

New York arabica coffee futures experienced a decline from a four-month high, while sugar prices saw an increase. The drop in coffee prices was attributed to a tighter market in Brazil and Colombia, but also due to the market becoming overbought after the recent price rise. Data showed a significant decrease in Brazilian coffee exports, leading to a drop in exchange stocks. Meanwhile, raw sugar prices are expected to rise an average of 2% this year due to anticipated production shortfalls in several regions and predicted demand recovery in China.

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

Original content

NEW YORK/LONDON (Reuters) - New York arabica coffee futures closed lower on ICE on Thursday from a four-month high seen in the previous session, while sugar advanced. COFFEE * May arabica fell 3.65 cents, or 1.9%, at $1.897 a pound, pulling back from the previous session's four-month high of $1.9415. * Traders say the price was supported by tighter physical markets in Brazil and Colombia, while stocks on exchanges fell. But they added that the market got a bit overbought after the recent rise. * Data from the Brazilian federal government showed that coffee exports fell 45% in February, until the third week of the month, while broker HedgePoint cut its forecast for the new crop. * Stocks of ICE-certified arabica fell to 809,566 bags on Thursday, after losing more than 80,000 bags in the past two weeks. There were 10,412 bags pending sorting. * May Robusta coffee fell $44, or 2%, to $2,161 a tonne. * Domestic coffee prices in Vietnam hovered near a six-month high on Thursday, ...

Source: Mixvale