Tridge summary
Robusta coffee futures on ICE reached a nearly seven-month high due to increased demand for the lower-priced coffee grade, with may Robusta coffee rising 1.1% to $2,254 a tonne. This is driven by roasters trying to cut costs and the start of the Brazilian coffee harvest. In contrast, may arabica coffee fell 0.8% to $1.7485 a pound. Meanwhile, may white sugar also rose 0.5% to $636.80 a tonne, reaching a 10.5-year high, due to a decreasing production outlook in several countries.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
LONDON (Reuters) - Robusta coffee futures on ICE hit their highest price in nearly seven months on Tuesday amid high demand for the lower priced coffee grade, while sugar futures also rose. COFFEE * May Robusta coffee rose $25, or 1.1%, to $2,254 a tonne, rising to its highest price since early September 2022 at $2,258. * Demand for Robusta, a cheaper substitute for arabica coffee in blends, has been high as roasters try to cut costs. * Operators noted that the Brazilian coffee harvest was underway, with initial activity focused primarily on conillon (robusta) in the Rondônia region. * May arabica fell 1.4 cents, or 0.8%, to settle at $1.7485 a pound. *Coffee growers in Costa Rica reported a drop in exports in March compared to the same month last year. SUGAR *May white sugar closed up $3.40, or 0.5%, at $636.80 a tonne, after hitting a 10-and-a-half-year high of $643 on Monday. * Traders say the market continued to be supported by a decreasing outlook for production, particularly ...
Source: Mixvale
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