Updates with closing prices and comments
NEW YORK/LONDON, Dec 13 (Reuters) – Arabica coffee futures on ICE closed higher on Monday, reversing most of the losses from the two previous sessions, but remained far from the 10-year peak hit last week.
Cocoa gained more than 2%, while sugar closed lower.
COFFEE
* March arabica coffee KCc2 rose 1.7% to $2.3670 per lb. It hit a 10-year high of $2.5235 last Tuesday.
* Stocks of arabica in ICE exchange warehouses, previously a significant source of concern for the market, have stopped their relentless decline for now. KC-TOT-TOT
* The size of the next Brazilian crop is key to the market going forward and traders have been touring coffee fields in the country to better assess production potential.
* ICE arabica coffee speculators cut their net long position by 911 contracts to 46,661 in the week to Dec. 7, data showed.
* Makers of Irish whiskey, Belgian chocolate and European coffee brands are scrambling to comply with new Chinese food and beverage regulations.
* March robusta coffee LRCc2 fell 0.17% to $2,287 a tonne after also setting a 10-year high of $2,334 last Tuesday.
SUGAR
* March raw sugar SBc1 fell 0.3% to 19.64 cents per lb.
* ICE sugar speculators cut their net long position by 13,169 contracts to 97,930 in the week to Dec. 7.
* Dealers said sugar is beholden to sentiment in the wider financial markets and will continue to consolidate near term. They added, however, that a move above 20 cents is more likely than a break below 19.50, given forecasts for tighter supplies.
* March white sugar LSUc1 fell 0.2% to $510.10 a tonne.
COCOA
* March New York cocoa CCc2 rose 2.4% to $2,532 a tonne, the highest price in more than two weeks.
* March London cocoa LCCc2 rose 2% to 1,706 pounds a tonne.
* Cocoa arrivals at ports in top grower Ivory Coast since the start of the season on Oct. 1 had reached 824,000 tonnes by Dec. 12, exporters estimated, down 10.4% from the same period last season.
* World No.2 producer Ghana’s cocoa arrivals since the start of the season on Oct. 1 reached 132,000 tonnes by Nov. 25, down 54.5% from the same period the previous season, official figures showed.
* ICE cocoa speculators trimmed their net short position by 368 contracts to 27,180 in the week to Dec. 7.
(Reporting by Marcelo Teixeira and Maytaal Angel; Editing by Kirsten Donovan, David Goodman and Ramakrishnan M.)
(([email protected]; +1 332 220 8062; Reuters Messaging: [email protected] – https://twitter.com/tx_marcelo))
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