Recasts, includes closing prices and comments
NEW YORK/LONDON, Dec 6 (Reuters) – Arabica and robusta coffee futures on ICE rose to 10-year highs on Monday, underpinned by shipping bottlenecks and prospects of lower output.
COFFEE
* March arabica coffee KCc2 closed 2.6% up at $2.4985 per lb, after rising earlier to $2.5085, the highest since October 2011.
* January robusta coffee LRCc1 rose 1.4% to $2,420 a tonne, having earlier hit $2,437, the highest since August 2011.
* Dealers said shipping difficulties around have tightened 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.
* “There is nobody selling, be it in the futures market or physical trade,” said a coffee broker.
* Brazilian shipments were lower by over 100,000 tonnes in November, according to the government. Exporters’ association Cecafé will release fresh data on Friday.
* Rains, meanwhile, 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 2.1% to 19.16 cents per lb as the market continued to be led by a 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 2% to $496.60 a tonne.
COCOA
* March New York cocoa CCc2 closed down $7 to $2,460 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 4 pounds to 1,692 pounds a tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt; Editing by Amy Caren Daniel, Mark Porter and Ramakrishnan M.)
(([email protected]; +1 332 220 8062; Reuters Messaging: [email protected] – https://twitter.com/tx_marcelo))
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