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Business Recorder

Arabica coffee hits 6-week high, buoyed by low stocks

LONDON: Arabica coffee futures on ICE climbed to a six-week high on Friday, boosted partly by low exchange stocks, while sugar and cocoa prices fell. Coffee Arabica coffee futures rose 0.7% to $3.2865 per lb by 1108 GMT after touching a six-week high of $3.2940. Dealers said the market has been supported partly by a decline 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. Brazil supplies about one-third of U.S. coffee imports. 'Inventories remain low, exports have underperformed in some producing regions, and recent light-to-moderate frosts in Brazil, especially in the Cerrado Mineiro region, have raised concerns about the next harvest,' Rabobank analyst Guilherme Morya said in a report on Friday. Robusta coffee gained 0.1% to $3,957 a metric ton, having hit its highest in nearly two months at $4,011. Asia coffee: Prices rise in Vietnam on global cues, high demand for Indonesian beans Sugar Raw sugar slipped 0.2% to 16.54 cents per lb. Dealers were awaiting the release later on Friday of data on sugar and cane production in Center-South Brazil covering the second half of July. Brazilian sugarcane processor Raizen admitted the possibility of a new shareholder after weak results, which caused the company's stock to plunge to a record low on Thursday. White sugar fell 1% to $484.70 a ton. Cocoa New York cocoa fell a marginal 0.1% to $8,264 a ton but was on track for a weekly gain of about 3.6%. Dealers said the recent run-up in prices had led to a pick-up in hedging, while short-term speculators had also taken some profits on long positions ahead of the weekend. cocoa fell 0.2% to 5,560 pounds per ton.