SOFTS-Arabica coffee hits 10-year high, robusta also up

Adds quote, updates prices

LONDON, Dec 6 (Reuters) – Arabica coffee futures on ICE rose to a 10-year peak on Monday as shipping bottlenecks helped to tighten supplies while robusta prices were also higher.

COFFEE

* March arabica coffee KCc2 rose 0.7% to $2.45 per lb by 1458 GMT after setting a 10-year high of $2.4920.

* Dealers said the shipping difficulties around the world are helping to tighten coffee supplies in the United States and Europe while adverse weather in Brazil earlier this year has dented the outlook for next year’s crop in the world’s top exporter.

* January robusta coffee LRCc1 rose 0.8% to $2,405 a tonne, just shy of Friday’s 10-year high of $2,419.

* Rains have disrupted the harvest in top robusta producer Vietnam while the COVID-19 pandemic has contributed to a cherry picker shortage.

SUGAR

* March raw sugar SBc1 rose 1.4% to 19.02 cents per lb as the market continued to be led by trend in energy and broader financial markets. O/R

* Dealers said the market was regaining ground after concern about the new COVID-19 variant last week triggered heavy fund selling of many commodities including raw sugar.

* The variant is, however, not expected to have much direct impact on supply or demand for sugar.

* “We have no knowledge of how the new variant could affect sugar, but very much doubt it will affect supply chains or consumption,” broker Marex said in a note.

* March white sugar LSUc1 rose 0.9% to $491.10 a tonne.

COCOA

* March New York cocoa CCc2 was down 0.8% at $2,448 a tonne.

* Cocoa arrivals at ports in top grower Ivory Coast had reached 747,000 tonnes by Dec. 5 since the start of the season on Oct. 1, exporters estimated on Monday, down 10.1% from 831,000 tonnes over the same period last season.

* March London cocoa LCCc2 fell 0.5% to 1,688 pounds a tonne.

(Reporting by Nigel Hunt; Editing by Amy Caren Daniel and Mark Porter)

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