Arabica coffee turns lower after hitting record high
Arabica coffee futures turned lower on Tuesday after earlier hitting a new record high while cocoa and sugar prices rose.
COFFEE
* Arabica coffee fell 0.85% to $4.1750 per lb by 1128 GMT after hitting a record high of $4.2995 in early trading.
* Dealers said the recent surge in prices had led to a reduction in liquidity with the market set to remain choppy.
* An expected drop in Brazil's arabica coffee crop this year following hot and dry weather in 2024 has helped to tighten global supplies.
* Broker Hedgepoint on Monday cut its forecast for Brazil's 2025/26 arabica crop to 41.1 million bags from a previous projection of 42.6 million.
* Robusta coffee fell 0.3% to $5,680 a metric ton.
COCOA
* New York cocoa futures rose 0.85% to $9.962 a ton.
* Dealers said the market was supported by concerns about dry weather in top grower Ivory Coast.
* A lack of rain in most of Ivory Coast's cocoa-growing regions could delay the start of the April-to-September mid-crop, potentially leading to a shortage of beans, the main ingredient in chocolate, farmers said on Monday.
* London cocoa was up 0.2% at 7,821 pounds per ton.
SUGAR
* Raw sugar futures were up 1.1% at 19.72 cents per lb.
* Dubai's Al Khaleej Sugar is operating at 70% capacity as sugar refineries in the Middle East struggle with overcapacity, the company's managing director, Jamal al-Ghurair, said on Tuesday during the Dubai Sugar Conference.
* White sugar rose 0.5% to $522.20 a ton.
(Reporting by Nigel Hunt; Editing by Eileen Soreng)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
a day ago
- Gulf Today
Gold gains on weaker dollar as US-China talks in focus
Gold prices rose on Monday, supported by a weaker US dollar ahead of U.S.-China trade talks aimed at resolving tensions, while platinum extended gains for a sixth straight session to scale a four-year peak. Spot gold rose 0.3 per cent to $3,318.76 an ounce, as of 1007 GMT, after dropping earlier in the session to $3,293.29, its lowest level since June 2. US gold futures fell 0.2 per cent to $3,339.70. The dollar fell 0.3 per cent against a basket of peers, making bullion cheaper for holders of other currencies. Investors recognise that drivers of gold, including trade and geopolitical tensions, debt concerns and weak economic growth, remain in place and should continue to support the metal in the months ahead, said Giovanni Staunovo, an analyst at UBS. US and Chinese officials will sit down in London on Monday for talks aimed at defusing the trade dispute between the two superpowers. Stronger-than-expected US non-farm payrolls data have led investors to scale back expectations for Federal Reserve rate cuts this year from two to one in October. Market attention will turn to US CPI data, due on Wednesday, for further clues on the Fed's monetary policy path. Gold, considered a safe-haven asset during political and economic uncertainty, tends to thrive in a low-rate environment. Meanwhile, China's central bank added gold to its reserves in May for the seventh straight month, official data showed. Reuters
Al Etihad
a day ago
- Al Etihad
Gold gains with focus on US-China trade talks; platinum tops 4-year peak
9 June 2025 13:26 (REUTERS)Gold prices rose on Monday, supported by a weaker US dollar ahead of US-China trade talks aimed at resolving tensions, while platinum extended gains for a sixth straight session to scale a four-year gold rose 0.4% to $3,323.71 an ounce, as of 0806 GMT, after dropping earlier in the session to $3,293.29, its lowest level since June gold futures was steady at $3, dollar (DXY), opens new tab fell 0.3% against a basket of peers, making bullion cheaper for holders of other recognise that key drivers of gold like trade and geopolitical tensions, debt concerns and weak economic growth, remain in place and should continue to support the metal in the months ahead, said Giovanni Staunovo, UBS US and Chinese officials will sit down in London on Monday for talks aimed at defusing the high-stakes trade dispute between the two superpowers that has widened in recent weeks beyond tit-for-tat tariffs to export controls over goods and components critical to global supply US non-farm payrolls data have led investors to scale back expectations for Federal Reserve rate cuts this year from two to only one in attention now shifts to US CPI data, due on Wednesday for further clues on the Fed's monetary policy traditionally considered a safe-haven asset during political and economic uncertainty, tends to thrive in a low-rate China's central bank added gold to its reserves in May for the seventh straight month, official data platinum rose 3% to $1,210.80, its highest level since May 2021. Spot silver was up 1% to $36.3 per ounce, while palladium rose 2.3% to $1,070.97.
Al Etihad
02-06-2025
- Al Etihad
Wall Street slips after Trump's steel tariff threat
2 June 2025 19:04 NEW YORK (REUTERS)Wall Street's main indexes dipped on Monday after President Donald Trump said he plans to double tariffs on imported steel and aluminum, fueling more uncertainty around U.S. trade said late on Friday he planned to increase tariffs on imported steel and aluminum to 50% from 25% starting Wednesday, just hours after he accused China of violating an of U.S. steel companies rose, with Cleveland-Cliffs jumping 28.3%, Nucor up 11.5% and Steel Dynamics 11.3% shares of automakers fell. Ford and General Motors both were down more than 4%."People have been thinking about that (steel tariffs) and trying to formulate the economic impact. It presents the markets with a lot of uncertainty right now," said Peter Andersen, founder at Andersen Capital increased levies risk deepening Trump's global trade war, and dousing enthusiasm in markets stemming from the U.S. president's softer trade stance that drove a recovery in risky assets last month.A temporary relief on some levies on China and a rollback of steep tariff threats on the European Union, along with strong earnings and improving economic picture helped the benchmark S&P 500 log its best monthly performance in 18 months in fueling risk-off moves in global markets, Kyiv struck some of Moscow's nuclear-capable bombers on Sunday, renewing concerns around further escalation of the 10:31 a.m. ET, the Dow Jones Industrial Average fell 208.46 points, or 0.49%, to 42,061.61, the S&P 500 lost 15.78 points, or 0.27%, to 5,895.91 and the Nasdaq Composite lost 10.10 points, or 0.05%, to 19, of the 11 major S&P 500 sub-sectors fell, with consumer discretionary stocks declining the most with an about 1% fall. On the flip side, energy rose 0.8% tracking a rise in oil prices.U.S.-listed energy stocks advanced after producer group OPEC+ kept output increases in July at the same level as the previous two megacap and growth stocks were down, with Tesla leading losses with a 2.5% decline after it reported lower monthly sales for Portugal, Denmark and the economic front, the Institute for Supply Management's (ISM) gauge of manufacturing activity came in at 48.5 for May, below estimates of 49.3, according to economists polled by will be on comments from Federal Reserve Chair Jerome Powell later in the day as he presents opening remarks before the Federal Reserve Board International Finance Division's 75th anniversary conference at 1:00 p.m. ET (1700 GMT).Investors are also looking ahead to a crucial nonfarm-payrolls report on Friday to gauge the U.S. labour market's strength amid tariff issues outnumbered advancers by a 1.84-to-1 ratio on the NYSE and by a 1.43-to-1 ratio on the Nasdaq. The S&P 500 posted 10 new 52-week highs and four new lows, while the Nasdaq Composite recorded 51 new highs and 63 new lows. Stock Markets Continue full coverage
