Adds comment, updates prices
LONDON, Nov 16 (Reuters) – Arabica coffee futures on ICE rose on Thursday, edging up towards the prior session’s seven-year high, boosted by delays to shipments from top producer Brazil and signs that demand is beginning to revive.
COFFEE
* March arabica coffee KCc2rose 0.2% to $2.2545 per lb by 1605 GMT. The benchmark second position set a seven-year high of $2.2825 on Monday.
* Dealers said the market was supported by tightening supplies in the United States and Europe driven partly by a container shortage in Brazil which is delaying shipments from the world’s top exporter.
* U.S. green coffee stocks fell by 46,816 bags to 6.0 million 60-kg bags by the end of October, according to the Green Coffee Association (GCA) Inc.
* Demand is also beginning to pick-up as COVID-19-related movement restrictions are gradually eased while strong consumption is anticipated during the holiday season.
* January robusta coffee LRCc2 fell 0.8% to $2,245 a tonne.
SUGAR
* March raw sugar SBc1 rose 1.1% to 19.95 cents per lb as the market clawed back most of the prior session’s losses.
* Dealers noted the weekly Commitment of Traders report showed funds had been slowly increasing a net long position but overall the market remains subdued.
* The upside continued to be capped, however, by the prospect of a pick-up in Indian sales above 20.50 cents.
* March white sugar LSUc1 rose 1% to $514.70 a tonne.
* A total of 283,900 tonnes of mostly Indian white sugar has been tendered against the December contract on ICE Futures Europe, exchange data showed on Tuesday.
COCOA
* March London cocoa LCCc2 fell 0.5% to 1,698 pounds a tonne.
* March New York cocoa CCc2 was up 0.55% at $2,546 a tonne.
(Reporting by Nigel Hunt; editing by Jonathan Oatis and Marguerita Choy)
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