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Arabica coffee prices rise more than 2% on ICE; sugar also advances

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December Arabica coffee closed up 5.35 cents, or 2.4%, at $2.2465 a pound (Image: Pixabay/pixel2013)

The futures contracts coffee Arabica on ICE closed up more than 2% on Wednesday, with supply tight after a drop in shipments from the Brazil and gives Colombiawhile sugar also rose.

Coffee

December Arabica coffee closed up 5.35 cents, or 2.4%, at $2.2465 a pound.

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Traders said the market continued to gain support from the short-term supply squeeze.

A drop in shipments from Brazil and Colombia reduced the supply of Arabica coffee and led to December being traded at a premium over more distant contracts.

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There have also been downward revisions to this year’s crop in Brazil, the largest producer, recently due to adverse weather.

November robusta coffee closed almost flat at $2,173 a tonne.

Sugar

The March raw sugar contract closed up 0.04 cents, or 0.2%, at 17.95 cents a lb, extending the market’s rally from a two-month low of 17.36 cents. earlier this week.

Traders said the market was supported by gains in broader financial markets, with global equities around two-week highs on Wednesday and oil rising after a drop in US equities.

Sugar
The March raw sugar contract closed up 0.04 cents, or 0.2%, at 17.95 cents a lb. (Image: Pixabay/422737)

December white sugar rose $1.50, or 0.3%, to $534.60 a tonne.

The production of sugar European Union is expected to fall 6.9% in the 2022/23 season to 15.5 million tonnes, following a drop in acreage and a severe summer drought in many parts of the bloc, the European Commission said in a short-term forecast released earlier today. Wednesday.

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Source: Moneytimes

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