future coffee Shares of ICE Arabica rose more than 2% on Monday, extending the market’s recovery from a 1-and-a-half-year low hit earlier this month, while Sugar Brute fell.
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 noted that strong premiums in the physical market encouraged some buyers to turn to ICE-approved stocks, which led to a rebound in withdrawals from the exchange’s deposits.
They also detected 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 were below 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.
CFTC data on Friday showed that speculators increased their bullish bets on US ICE crude sugar futures in the week ending January 17.
White sugar for the month of March fell 0.2 percent to $545.20 per ton.