Recasts, updates prices
LONDON, Nov 12 (Reuters) – Arabica coffee futures hit a 7 year peak on Friday on ongoing signs of supply tightness coupled with bullish technical signals, while robusta hit a fresh 10-year peak.
COFFEE
* March arabica coffee KCc2 rose 4.4% to $2.2280 per lb at 1545 GMT, having hit its highest since October 2014 at $2.2330
* Dealers said the December options expiry acted as a trigger amid a bullish backdrop.
* They cited logistics delays in top producer Brazil, higher demand expectations, falling arabica stockpiles, potential dry weather next year due to La Nina, and delivery defaults in Brazil.
* January robusta coffee LRCc2 fell 0.2% to $2,296 a tonne, having hit $2,313, the highest since early September 2011.
* Dealers said despite coronavirus lockdowns having been lifted in Vietnam, supply of labour remains limited, vaccine roll-outs remain slow, and shipping and fertiliser costs remain high.
SUGAR
* March raw sugar SBc1 was flat at 20.12 cents per lb, having hit its highest in a month on Thursday.
* Dealers said sugar remains underpinned by India’s plans to divert more sugarcane to ethanol production, as well as by concerns over global inflation.
* Fitch Solutions said sugar prices will remain near current lofty spot levels heading into 2022, thanks to ethanol diversion, weather issues in top producer Brazil and a recovery in global demand.
* December white sugar LSUc1, which expires next Monday, rose 1.3% to $529.70 a tonne.
COCOA
* March New York cocoa CCc2 fell 0.9% to $2,515 a tonne.
* March London cocoa LCCc2 fell 1.1% to 1,702 pounds per tonne.
(Reporting by Maytaal Angel in London; Editing by Steve Orlofsky and Jon Boyle)
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