SOFTS-Arabica coffee extends rebound, raw sugar eases
NEW YORK/LONDON, Nov 22 (Reuters) – Arabica coffee futures on the ICE increased on Tuesday as the market extended its recovery from last week’s 16-month low, while raw sugar prices declined.
COFFEE * March arabica coffee KCc2 settled up 4.3 cents, or 2.7%, at $1.647 per lb, after falling to a 16-month low of $1.5405 per pound the previous week.
* According to dealers, the fund selling that contributed to the recent decline in prices appears to have ceased, at least temporarily. Reports that Brazil’s crop next year may be smaller than anticipated also contributed to this week’s increase in prices.
However, the continued influx of arabica coffee into ICE-approved warehouses helped keep prices stable.
* ICE certified coffee stocks increased to 530,105 bags on November 22, well above the 23-year low of 382,695 bags set on November 3, as ICE grading officials approved the addition of 16,916 bags on Tuesday. There were still 543,512 bags awaiting classification.
* Robusta coffee LRCc2 in January increased $22, or 1.2%, to $1,834 per tonne.
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Source: Coffee Talk