Robusta coffee reaches a maximum of 5 and a half months; Arabica also rises

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Robusta coffee futures on ICE hit five-and-a-half-month highs on Friday, on continued concerns over supply tightness in major producers in Vietnam and Brazil, while Arabica coffee also rose to a new high. one-month peak.

Coffee

December Arabica coffee closed up 2.85 cents, or 1.3%, at $2,224 a lb, hitting a one-month high of $2,234.

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Traders said the decline in ICE stocks, currently at their lowest level in 23 years, is expected to end soon, with the latest data showing more than 200,000 bags to be sorted.

November robusta coffee rose $38, or 1.7%, to $2,261 a tonne, hitting its highest level since late February at 2,264.

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Robusta is gaining support from tight supplies in Vietnam, where its development has suffered from a lack of fertilizers, and falling exports from Brazil, where roasters are using more beans to cut costs.

Sugar

October raw sugar rose 0.11 cents, or 0.6%, at 18.60 cents a lb, having hit a three-week high of 18.65.

Dealers said sugar is gaining support from hedges of short-lived funds against a backdrop of better macroeconomic signals, with investors lowering expectations about how far US interest rates and inflation could rise.

The United States Department of Agriculture (USDA) raised its forecast for the supply of sugar in the United States after reporting a higher amount of sugar imports, as well as better local production.

Source: CNN Brasil

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