Robusta coffee down from 10-year high – Markets
NEW YORK / LONDON: Robusta coffee futures on ICE were slightly lower on Friday, slipping from the 10-year high of the previous session, but still rising year-over-year.
On an annualized basis, sugar futures also posted gains as cocoa fell.
March Robusta Coffee stabilized at $ 3, or 0.1%, at $ 2,370 per tonne. The second benchmark position hit a 10-year high of $ 2,384 on Thursday.
Resellers said supply chain issues disrupted shipments from major robusta producer Vietnam, while the market was also supported this year by strong arabica prices.
The first month contract ended the year up 81% and the second benchmark was up 71%.
Arabica coffee for March stabilized at 2.75 cents, or 1.2%, at $ 2.261 a pound.
Arabica coffee prices ended the year with an annual gain of around 76%, with drought and frost in the main Brazilian producer at the start of the year helping fuel the gains.
Raw sugar for March was up 0.1 cent, or 0.5%, to 18.88 cents per pound.
Dealers said the market has been boosted this year by lower inventories with a global deficit for the 2020/21 season (October / September) which is generally expected to be followed by another deficit in the 2021/22 season. In progress.
Raw sugar prices ended up 21.9% for the year.
White sugar for March was up $ 2.40, or 0.5%, to $ 497.10 per tonne.
White sugar prices posted an annual gain of 18.1%.
March New York cocoa stabilized at $ 39, or 1.5%, at $ 2,520 per tonne.
Cocoa prices in New York ended the year down just over 3%.
Traders said the cocoa market has struggled to keep pace with many other agricultural markets this year, with favorable harvest conditions in West Africa helping to generate a large global surplus in the 2020 season / 21 (October / September).
In March, London cocoa fell 9 pounds, or 0.5%, to 1,701 pounds a tonne.
Cocoa prices in London ended the year with an annual loss of around 3.2%.