01/23/2023 – 19:29
NEW YORK/LONDON (Reuters) – Ice Arabica futures rose more than 2% on Monday, extending the market’s recovery from a 1-and-a-half-year low hit earlier this month as raw sugar slumped.
– Arabica Mars closed up 3.75 cents, or 2.4%, at $1.5855 a pound, after hitting a two-week high of $1.5995.
* Traders note that strong premiums in the physical market have encouraged some buyers to turn to ICE-certified stocks, prompting a rebound in withdrawals from the exchange’s deposits.
* They also saw strong technical signs of price recovery.
* Inventories of ICE-certified coffee rose to 858,847 bags on Monday. There were 125,209 bags awaiting sorting.
* Brazilian coffee exports in January are below the levels observed in this period last year, according to government data.
– The March Robusta coffee price fell $3, or 0.2%, to $1,941 a ton.
– Ugandan coffee exports decreased in December by 22% compared to the same month last year, due to the impact of drought in some coffee-growing areas.
Raw sugar for the month of March fell 0.02 cents, or 0.1%, to 19.70 cents per pound.
* Speculators increased their bullish bets on US ICE crude sugar futures in the week ending January 17, CFTC data showed on Friday.
– White sugar for the month of March fell 0.2 percent to $545.20 per ton.
(Reporting by Marcelo Teixeira and Nigel Hunt)