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)
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