Arabica coffee slips after matching two-month high
Coffee
Arabica coffee futures fell 0.2% to $3.5545 per lb by 1200 GMT after rising as far as $3.5910.
Dealers said the market may be due for a period of consolidation after the recent strong advance in prices.
The market has been supported by a drop in certified exchange stocks as roasters look to secure alternative supplies following the imposition of a 50% tariff on U.S. imports of Brazilian coffee.
Dealers noted, however, that exchange stocks had begun to creep up this week, standing at 736,573 bags, as of August 19, up from a recent low of 726,661 bags on August 14. Most of the added coffee is from Honduras with some increase also in Mexican supplies.
Robusta coffee gained 1% to $4,312 a metric ton.
Arabica coffee turns lower after setting two-month peak
Sugar
Raw sugar rose 1.7% to 16.58 cents per lb.
Dealers said supportive factors included the recent rise in refining margins, which should boost demand for raws, and sentiment that strong imports into China in July are likely to continue for at least the next couple of months.
White sugar gained 2.7% to $490.60 a ton.
Cocoa
New York cocoa fell 0.75% to $8,106 a ton.
Dealers said there remained concern about dry weather in West Africa while noting isolated showers this week had provided some relief.
London cocoa lost 0.4% to 5,534 pounds per ton.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
5 hours ago
- Business Recorder
Arabica coffee slips after matching two-month high
LONDON: Arabica coffee futures on ICE eased on Wednesday after earlier matching the prior session's two-month high with the market technically overbought after its recent strong advance. Coffee Arabica coffee futures fell 0.2% to $3.5545 per lb by 1200 GMT after rising as far as $3.5910. Dealers said the market may be due for a period of consolidation after the recent strong advance in prices. The market has been supported by a drop in certified exchange stocks as roasters look to secure alternative supplies following the imposition of a 50% tariff on U.S. imports of Brazilian coffee. Dealers noted, however, that exchange stocks had begun to creep up this week, standing at 736,573 bags, as of August 19, up from a recent low of 726,661 bags on August 14. Most of the added coffee is from Honduras with some increase also in Mexican supplies. Robusta coffee gained 1% to $4,312 a metric ton. Arabica coffee turns lower after setting two-month peak Sugar Raw sugar rose 1.7% to 16.58 cents per lb. Dealers said supportive factors included the recent rise in refining margins, which should boost demand for raws, and sentiment that strong imports into China in July are likely to continue for at least the next couple of months. White sugar gained 2.7% to $490.60 a ton. Cocoa New York cocoa fell 0.75% to $8,106 a ton. Dealers said there remained concern about dry weather in West Africa while noting isolated showers this week had provided some relief. London cocoa lost 0.4% to 5,534 pounds per ton.
Business Recorder
5 hours ago
- Business Recorder
Oil firms as investors await next steps in Ukraine peace push
LONDON: Oil prices rose on Wednesday as the American Petroleum Institute reported a drop in U.S. crude inventories and investors awaited the next steps in talks to end the Ukraine war, with sanctions on Russian crude remaining in place for now. Crude fell more than 1% on Tuesday on optimism that an agreement to end the war seemed closer. However, U.S. President Donald Trump conceded that Russian President Vladimir Putin might not want to make a deal. Brent crude futures rose 71 cents, or 1.1%, to $66.50 a barrel by 1207 GMT. U.S. West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, gained 84 cents, or 1.4%, to $63.19. 'It seems oil prices are thrown down one day, followed by a rebound the next day. The API report was on the positive side, so I assume some price support is coming from that,' said Giovanni Staunovo, an analyst at UBS. U.S. crude stocks fell by 2.42 million barrels, market sources said on Tuesday, citing American Petroleum Institute figures, ahead of official data at 1430 GMT. 'Not so sure about the peace deal - will have to see if something moves forward over the coming days,' Staunovo added. Trump said on Tuesday the United States might provide air support as part of a deal to end Russia's war in Ukraine. A day earlier, Trump said he was arranging a meeting between Putin and Ukrainian President Volodymyr Zelenskiy to be followed by a trilateral summit among the three presidents. Russia has not confirmed it will take part in talks with Zelenskiy. 'The likelihood of a quick resolution to the conflict with Russia now seems unlikely,' said Daniel Hynes, senior commodity strategist at ANZ, in a note on Wednesday. Oil also found support from flooding at a large U.S. refinery. BP said on Tuesday operations at its 440,000-barrel-per-day refinery in Whiting, Indiana, were affected by flooding after a severe thunderstorm, potentially weighing on crude demand at the facility - a key fuel producer for the Midwest market.
Business Recorder
6 hours ago
- Business Recorder
Copper slides to two-week low, focus on Powell's speech
LONDON/BEIJING: Copper prices slipped on Wednesday to their lowest in nearly two weeks as funds sold, while consumers and producers were sidelined ahead of a speech by U.S. Federal Reserve Chair Jerome Powell later this week, metal traders said. Commodity and financial markets will be looking for clues in Powell's speech on Friday as to whether U.S. interest rates will be cut by 25 basis points as expected at the Fed's September 16-17 meeting, which could undermine the dollar. A lower U.S. currency could help boost demand for dollar-priced metals. This relationship is used by funds which trade, often on a day-to-day basis, using buy and sell signals from numerical models. Benchmark copper on the London Metal Exchange was down 0.1% at $9,676 a metric ton at 1023 GMT, after earlier hitting $9,673.50, its lowest since August 7. 'Systematic flows are dominating our space amid lack of wider involvement,' said Alastair Munro, senior base metals strategist at Marex. 'Markets are struggling to move meaningfully in either direction as the outlook remains unclear.' Stronger dollar weighs on copper ahead of crucial geopolitical events Further out worries about demand, particularly in top consumer China, have pushed the discount for the cash copper contract over the three-month forward towards $100 a ton, the highest since February. Also suggesting sluggish demand is the Yangshan copper premium, a gauge of China's appetite for importing copper, at $47 a ton from levels above $100 a ton in May. On the technical front, upside resistance is around $9,475 a ton, where the 21- and 50-day moving averages are converging. Traders said funds had also been selling aluminium, which briefly broke below the 200-day moving average, currently at $2,565 a ton. Three-month aluminium earlier touched a two-week low at $2,558 a ton. It was last at up 0.2% at $2,569. In other metals, zinc gained 0.2% to $2,773, lead slipped 0.3% to $1,967, tin retreated 0.2% to $33,780, and nickel fell 0.5% to $14,935 a ton.
