SOFTS-Arabica coffee extends rebound, raw sugar climbs 2.8%

Credit: REUTERS/Paulo Whitaker

Updates with market activity, adds comments and closing prices

NEW YORK/LONDON, Sept 20 (Reuters) - Arabica coffee futures on ICE rose on Tuesday, boosted partly by a lower-than-expected crop in Brazil this year, while raw sugar futures gained nearly 3%.


* December arabica coffee KCc2 settled up 4.05 cents, or 1.8%, at $2.2515 per lb. The front month fell to a four-week low of $2.1085 on Monday.

* Dealers said the market was supported by depleted stocks in Brazil after a lower than expected crop this year and concern over the outlook for next year's production.

* Brazil's 2022 arabica coffee output is expected to total 32.41 million 60kg bags, food supply agency Conab said on Tuesday, lowering its May projection of 35.71 million bags.

* "It (arabica coffee) should now find good (price) support thanks to the gloomier supply outlook and low stock levels," Commerzbank said in a note.

* ICE-certified arabica stocks fell to 515,064 bags on Tuesday, the lowest in 23 years.

* November robusta coffee LRCc2 rose 1.6% to $2,238 a tonne.


* October raw sugar SBc1 rose 0.5 cent, or 2.8%, to 18.19 cents per lb, extending the market's rebound from the seven-week low of 17.50 cents set on Monday.

* Dealers said the market was supported by short-term supply tightness, though this should ease during the 2022/23 season (October/September).

* They also said that the white premium remains high.

* "This will push Indian mills to produce more refined sugar, rather than raw sugar like last year," said a U.S. broker.

* December white sugar LSUc1was little changed at $527.70 a tonne.


* December New York cocoa CCc1 fell $14, or 0.6%, to $2,355 a tonne.

* Above-average rain across most of Ivory Coast's cocoa-growing regions last week could cause disease and damage to the first beans of the October-to-March main crop in some areas, farmers said on Monday.

* December London cocoa LCCc1 was little changed, easing by 0.1% to 1,877 pounds a tonne​.

(Reporting by Marcelo Teixeira and Nigel Hunt Editing by Kirsten Donovan, David Goodman and Maju Samuel)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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