NEW YORK/LONDON, Oct 28 (Reuters) –
Arabica coffee futures on ICE fell 5% on Friday to their
lowest price in 15 months, pressured by an improving outlook for
next year’s crop in Brazil and concern that a global economic
downturn could curb demand.
COFFEE
* December arabica coffee settled down 9.05 cents, or
5.1%, at $1.698 per lb after touching a 15-month low of
$1.6775.
* The contract lost 11% in the week and 25% in the last
four weeks.
* “Coffee prices continue to be pressured by an improving
crop outlook in the top producer Brazil and concerns over demand
in Europe amid a broad economic slowdown,” Fitch Solutions said
in a note.
* Some dealers, however, see an overdone selling by
financial players.
* “Funds are driving flat price without much regard for
fundamentals. They will continue to sell until the market can
absorb more than a couple days of selling,” said a U.S. broker,
adding that arabica could see a rebound once funds are done with
selling.
* January robusta coffee fell $29, or 1.5%, at
$1,849 a tonne after dipping to a 14-month low of $1,833.
* Indonesia exported 53,269 tonnes of Sumatran robusta
coffee in September, data from a local trade office showed, more
than double shipments in the same month a year earlier.
SUGAR
* March raw sugar settled down 0.13 cents, or
0.7%, at 17.58 cents per lb after dipping to a 3-1/2 week low of
17.55 cents.
* The contract lost 4.35% in the week and 6.8% in the
last two weeks.
* Dealers said the prospect of a global surplus in the
current 2022/23 season continued to keep the market on the
defensive, though short-term supplies remain tight.
* Funds reduced their net long position in raw sugar futures
on ICE U.S. in the week to Oct. 25.
* December white sugar fell 0.3% to $515.80 a tonne.
COCOA
* December New York cocoa settled down $12, or
0.5%, to $2,302 a tonne.
* Speculators increased their bearish bets in cocoa in the
week to Oct. 25, according to the CFTC.
* March London cocoa fell 8 pounds, or 0.4%,
to 1,861 pounds per tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt; Editing by David
Goodman and Marguerita Choy)
