NY cocoa prices climb while coffee turns lower
COCOA: New York cocoa rose 2.9% to $8,688 a metric ton by 1408 GMT, climbing back towards Monday's six-week high of $8,823.
Dealers said the market had gained support this week from concern over Ivory Coast's coming crop, with the initial upward move on Monday helping to trigger short-covering by funds.
More sunny spells across most of Ivory Coast's cocoa-growing regions will help to boost development of the next October-to-March main crop, farmers said on Monday, adding that cold weather continued last week with below-average rainfall.
London cocoa gained 2.05% to 5,830 pounds a ton.
COFFEE: Arabica coffee futures were down 1.5% at $3.1580 per lb after touching a six-week high of $3.27.
Dealers said reports of light, spotty frosts in some Brazilian coffee areas had contributed to the run-up in prices this week, though the harvest continues to progress well.
Temperatures, however, are expected to moderate in the coming days.
'A cold air mass will retreat from southeast Brazil over the next three days, though it will linger near the southern border until early next week,' Marcin Gorski, analyst with LSEG Weather and Climate Research, said in a report.
Robusta coffee fell 1.5% to $3,610 a ton.
SUGAR: Raw sugar rose 2.55% to 16.91 cents per lb.
Dealers said the market had been steadily climbing after hitting a one-month low of 15.92 cents in early August, with speculators beginning to scale back a large net short position.
White sugar gained 2.1% to $484.80 a ton.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
18 hours ago
- Express Tribune
Canadian govt moves to end Air Canada strike
The Canadian dollar was trading up 0.08% to 1.3912 US dollar, or 71.88 U.S. cents. PHOTO: REUTERS The Canadian government on Saturday moved to end a strike by Air Canada cabin crew by asking a labour board to order binding arbitration, an action that the country's largest carrier had sought and which the striking flight attendants opposed. Thousands of Air Canada unionised flight attendants walked off the job over a wage contract dispute just before 0500 GMT, forcing Air Canada to cancel all its 700 daily flights, affecting more than 100,000 travellers who had to find alternative flights or stay put. Jobs Minister Patty Hajdu at a news conference said she had asked the Canada Industrial Relations Board to impose binding arbitration on both sides and order an immediate end to the strike. Air Canada had indicated it would take four to five days to resume full operations, she said, assuming the board granted the government's request, which it usually does. The carrier had offered a 38% increase in total compensation for flight attendants over four years, with a 25% raise in the first year, which the Canadian Union of Public Employees said was insufficient. Attendants are currently paid only when their plane is moving. The union is seeking compensation for time spent on the ground between flights and when helping passengers board. Wesley Lesosky, President of the Air Canada component of CUPE, said in a press conference in Toronto earlier in the day that there were no bargaining sessions scheduled between the two sides, which have held on-and-off negotiations for months. Outside Toronto Pearson International Airport – the country's busiest – hundreds of cabin crew waved flags, banners and picket signs. Union officials called on members to assemble outside all the country's major airports, including in Toronto, Montreal, Calgary and Vancouver. Montreal-based Air Canada said the suspended flights included those operated by its budget arm, Air Canada Rouge. The stoppage would affect about 130,000 customers a day, the carrier said in a statement. Flights by Air Canada's regional affiliates – Air Canada Jazz and PAL Airlines – will operate as usual. The union has said Air Canada offered to compensate flight attendants for some work that is now unpaid at 50% of their hourly rate. A source close to the negotiations told Reuters the union is looking for parity on wages with Canadian leisure carrier Air Transat, where flight attendants approved a contract last year that provided for total compounded increases of 30% over five years, making them the highest paid in the industry in Canada.
Business Recorder
a day ago
- Business Recorder
Iron ore futures decline
SINGAPORE: Iron ore futures slipped on Friday, on track for a weekly loss, as property demand in China weakened. The most-traded January iron ore contract on China's Dalian Commodity Exchange (DCE) traded 1.27% lower at 774.5 yuan ($107.83) a metric ton, as of 0328 GMT on Friday. The contract has lost 1.34% so far this week. The benchmark September iron ore on the Singapore Exchange was 0.14% lower at $101.95 a ton. The contract has lost 0.2% so far this week. China's crude steel output dipped to a seven-month low in July, down 4% from June and marking a second straight monthly decline. The decline reflects ongoing efforts to curb overcapacity, while high temperatures and heavy rainfall restricted outdoor construction activity. China's new home prices fell 0.3% from the previous month in July, with demand remaining muted despite more local governments rolling out incentives for home buying. At the same time, property investment declined 12% in the first seven months of the year from a year earlier. However, the year-on-year declines are narrowing across tier-one, tier-two, and tier-three cities. The central government has maintained calls to stabilise the market in recent months, signalling the potential for further policy support. Meanwhile, a pullback in steel output in recent months has improved the profitability of the sector, pushing margins for steel mills into positive territory and giving iron ore prices room to push higher, ANZ analysts said. Beijing's renewed focus on reducing overcapacity could see this rally being sustained, providing further support to iron ore prices, ANZ said. Other steelmaking ingredients on the DCE fell, with coking coal and coke down 0.45% and 0.03%, respectively. Steel benchmarks on the Shanghai Futures Exchange all lost ground. Rebar eased 0.81%, hot-rolled coil dipped 0.35%, wire rod fell 0.7% and stainless steel was down 0.69%.
Business Recorder
a day ago
- Business Recorder
Gold prices higher as US price data dims hopes of big Fed cut
NEW YORK: Gold prices edged higher on Friday, buoyed by a weaker dollar, but were poised for a weekly decline after hotter-than-expected US producer price data dampened prospects for a super-sized September rate cut by the Federal Reserve. Spot gold rose 0.2% to $3,340.59 per ounce as of 0941 GMT. Bullion has lost 1.7% for the week. US gold futures for December delivery edged up 0.1% to $3,387.50. The US dollar index fell 0.4%, making gold less expensive for other currency holders. 'In the short term, gold has a heightened inverse relationship to moves in the US dollar, which in turn is being whipsawed by economic data and fast news on both tariffs and Ukraine,' independent analyst Ross Norman said. US producer prices increased by the most in three years in July amid a surge in the costs of goods and services, data showed on Thursday, signalling inflation pressures in the pipeline. Weekly jobless claims also came in lower than expected, at 224,000 compared to forecasts of 228,000. The data dampened bets, fanned by benign consumer price data and comments from US Treasury Secretary Bessent earlier this week, that the Fed's next cut might be more than a quarter-point. Non-yielding gold typically performs well in low-interest-rate environments. US consumer price data showed only a marginal increase in July, briefly boosting hopes for large-size rate cut by the Fed. 'We have seen in the past that gold price corrections get smaller and smaller, suggesting that some buyers, who missed out in the past, use these price setbacks as a way to gain exposure to the yellow metal,' said UBS commodity analyst Giovanni Staunovo. On the geopolitical front, investors are awaiting the outcome of US President Donald Trump and Russian President Vladimir Putin's meeting in Alaska later in the day. Elsewhere, spot silver fell 0.5% to $37.79 per ounce, platinum lost 0.9% to $1,345.02, and palladium was down 1.2% to $1,131.56.
