US: Arabica coffee futures rise and raw sugar closes lower on ICE
Raw Common Coffee Bean
Sugar
United States
Published Feb 22, 2023
Tridge summary
ICE arabica coffee futures rose more than 2% on Tuesday to near a four-month high as the commodity continued to rebound from a recent dip, while raw sugar closed lower. SUGAR * March raw sugar fell 0.08 cents, or 0.4%, to 21.33 cents a pound. The contract hit a six-year high of 21.89 earlier this month.
Original content
NEW YORK/LONDON (Reuters) - * Traders say that sugar, despite the minor setback, continues to draw support from rumors that production in India will drop rapidly this season due to cane ripening early and losing weight. * They note that Alvean, the world's biggest sugar trader, is estimating Indian production at 33.5m tonnes, with many others seeing it even lower. *May white sugar fell $1.00, or 0.2%, to $568.90 a tonne. COFFEE * May arabica closed up 4.1 cents, or 2.2%, at $1.8985 a pound, hitting the highest since mid-October during the session. * The market was mainly driven by concerns about rising prices in the physical markets of major producers Brazil and Colombia. * Brazilian coffee growers sold 78% of the current ...
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