SOFTS-Raw sugar falls, arabica coffee hits new one-year low
18 Oct LONDON (Reuters) – Raw sugar futures on ICE declined for a second consecutive day on Tuesday, as dealers were optimistic about impending supply news from India and concerned about the strength of the U.S. dollar =USD, while arabica coffee reached a new one-year low.
India’s sugar output is expected to increase by 2% to 36.5 million tonnes in the new season, which began on October 1, a leading industry body said on Monday, adding that the country will have an excess supply of 9 million tonnes to export.
In the meantime, an Indian government official stated that the country will announce its sugar export quota within a week.
COFFEE * December arabica coffee KCc1 prices increased 0.5% to $1.9650 cents per lb, after reaching a one-year low of $1.9320 cents per lb. Last week, the contract lost 9.8%.
According to government data, green coffee exports from the world’s leading producer, Brazil, averaged 10,570 tonnes per day in October, compared to 9,440 tonnes per day in October of the previous year.
Green coffee stocks at U.S. ports, the world’s largest consumer of the beverage, decreased by 71,608 60-kg bags to 6.37 million bags at the end of September, supporting prices.
Additionally, ICE-certified arabica stocks fell to 397,999 tonnes, according to the most recent data.
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Source: Coffee Talk