SOFTS-Robusta coffee slides after rallying to fresh 15-year peak

Credit: REUTERS/Oswaldo Rivas

Adds comments and closing prices

NEW YORK, Dec 22 (Reuters) - Robusta coffee futures on ICE slid on Friday after rallying to fresh 15-year peaks in the prior session as farmers in top producer Vietnam refrained from selling on hopes prices would rise even further.

Trading volumes were thin, with London-based robusta, white sugar and cocoa futures all having closed early ahead of the Christmas holidays.

COFFEE

* March robusta coffee LRCc2 settled down $127, or 4.3%, at $2,837 a metric ton, having hit its highest in at least 15 years at $2,970 on Thursday.

* Local dealers in Vietnam said there was talk in the market of farmers delaying or defaulting on beans previously sold at much lower prices than Friday's spot figures.

* They added there had been some lifting of short futures positions by traders as a result, and that this had helped fuel the futures price rally.

* March arabica coffee KCc1 fell 0.4% at $1.928 per lb, having hit its highest since April on Tuesday.

* Dealers said rains had been reported in some of top arabica producer Brazil's coffee growing regions, with forecasts showing more downpours this weekend and onwards.

SUGAR

* March raw sugar SBc1 settled up 0.38 cent, or 1.9%, at 20.62 cents per lb, after sliding to its weakest since early March on Thursday.

* Dealers said the market looked like it wanted to see what lay below 20 cents short term, especially as top producer Brazil's output soared and weather concerns take a backseat, for now.

* They added, however, that a correction upward was expected after the sharp fall in a short period of time.

* French sugar major TereosTEREO.UL said its sugar output in Brazil grew 19% in the 2023/2024 harvest, along with better-than-expected sugarcane crushing.

* Egypt's Dakahlia Sugar Manufacturing and Refining Company is seeking 50,000 metric tons of VHP Brazilian raw cane sugar in a tender, according to a company statement.

* March white sugar LSUc1 ended up $3.50, or 0.6%, at $590.20 a ton.

COCOA

* March London cocoa LCCc1 closed down 13 pounds, or 0.4%, to 3,557 pounds a ton.

* March New York cocoa CCc1 rose $23, or 0.5%, to $4,311 a ton.

(Reporting by Maytaal Angel and Marcelo Teixeira; Editing by Emelia Sithole-Matarise, Mark Potter and Shounak Dasgupta)

((marcelo.teixeira@tr.com; +1 332 220 8062; Reuters Messaging: marcelo.teixeira.thomsonreuters.com@reuters.net - https://twitter.com/tx_marcelo))

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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