LONDON, Oct 21 (Reuters) – Arabica coffee prices on ICE
hit a fresh 13-month low on Friday, heading for a second
straight weekly loss amid an upbeat supply outlook and ongoing
concerns about surging inflation and a weakening global economy.
COFFEE
* December arabica coffee rose 0.1% to $1.9120 per lb
at 1531 GMT, having touched its lowest since September 2021 at
$1.8620.
* “Coffee futures have shaken off concerns as to tight
global inventories and instead seen prices fall on an improving
weather outlook in Brazil and a deteriorating consumption
environment,” said Fitch Solutions in a note.
* Brazil’s 2022/23 coffee crop was projected at 57.3 million
60-kg bags compared to a September estimate of 58.2 million
bags, consultancy Safras & Mercado said.
* Dealers noted sales in top producer Brazil have almost
completely stalled, with farmers reluctant to clinch deals at
low prices.
* January robusta coffee fell 2.2% to $1,996 a
tonne.
SUGAR
* March raw sugar rose 0.3% to 18.44 cents per lb,
having hit its lowest in two weeks at 18.26 cents.
* Dealers said the market has a bearish taint amid a growing
view that a decent-sized production surplus will be seen this
season, especially if demand starts to fall away as economic
growth stalls.
* December white sugar rose 1.1% to $533.90 a tonne.
COCOA
* December New York cocoa fell 0.7% to $2,312 a
tonne.
* North America’s cocoa grindings, a measure of demand, fell
3.37% in the third quarter from a year earlier to 119,244
tonnes, in line with market expectations, data showed.
* Asia’s third-quarter cocoa grind rose 9.5% year-on-year to
231,080 tonnes, data showed.
* March London cocoa rose 0.5% to 1,910 pounds per
tonne, helped by continued weakness in sterling.
(Reporting by Maytaal Angel; Editing by Devika Syamnath and
Shailesh Kuber)
