US: Arabica coffee futures rise and raw sugar closes lower on ICE

Published 2023년 2월 21일

Tridge summary

ICE arabica coffee futures experienced a significant surge of over 2% on Tuesday, reaching near a four-month high, as the market rebounds from a recent dip. This increase is largely due to concerns about rising prices in the physical markets of major producers like Brazil and Colombia. In contrast, raw sugar futures saw a minor decline. The market is also grappling with rumors of a potential rapid drop in production in India, as speculators predict that the country's production estimates may be revised downward, further supporting the coffee market.

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 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. * 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 ...

Source: Mixvale