US: Arabica coffee gains nearly 4% as traders eye production in Brazil

Published 2022년 11월 29일

Tridge summary

ICE arabica futures saw a near 4% increase on Tuesday due to concerns about the outlook for Brazil's next year crop, the world's largest producer. March arabica coffee closed at $1.689 a pound, hitting a two-week high. Despite the rising stocks, the increase is expected to end soon. Brazilian farmers and agronomists have lowered their expectations for the next crop after a disappointing post-bloom period. Meanwhile, raw sugar experienced a slight increase, but with funds holding a large long position, it is unlikely to be pushed much higher. March white sugar also rose by 1.0%.

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

Original content

NEW YORK/LONDON (Reuters) - ICE arabica futures rose nearly 4% on Tuesday as traders remained worried about the outlook for next year's crop in top producer Brazil, while raw sugar rose. lightly. COFFEE * March arabica closed up 6.05 cents, or 3.7%, at $1.689 a pound, hitting a two-week high during the session. * While ICE arabica stocks continue to rise, those pending classification have started to fall, meaning that the upward trend in total stocks should end in due course. * Brazilian farmers and agronomists have lowered their outlook for next year's crop after a disappointing post-bloom period. * January Robusta coffee rose $4, or 0.2%, to $1,859 a tonne. * Vietnam's coffee exports in the first 11 months of this year are estimated to have increased by 10.2% year-on-year to 25.6 million 60-kilogram bags, the data showed. SUGAR * March raw sugar advanced 15 cents, or 0.8%, to 19.53 cents a pound, having hit a 2.5-week low on Monday. * However, traders said that with funds now ...

Source: Mixvale