a day ago
- Business
- Business Recorder
Robusta coffee falls on ample supplies, cocoa edges up
LONDON: Robusta coffee futures fell on Monday with newly harvested beans from Brazil and Indonesia ensuring that supplies remain ample while cocoa regained some ground after recent weakness.
Coffee
Robusta coffee lost 2.8% at $3,255 a metric ton by 1104 GMT.
Dealers said the market was sliding back down towards a 16-month low of $3,186 set a week ago.
They noted the market's main focus remained on whether the U.S. would go ahead with the planned 50% tariff on imports on Brazilian coffee from August 1.
About a third of U.S. coffee comes from Brazil and the tariffs, if they transpire, would all but halt the flow of Brazilian beans to the U.S., the world's top coffee drinker.
Arabica coffee lost 1.45% to $2.9920 per lb.
Cocoa regains some ground, still set for weekly loss
Cocoa
London cocoa rose 1.1% to 5,020 pounds per ton in a modest rebound after falling by around 4% last week on bearish second quarter grind data.
Dealers said second quarter grind from Asia, Europe and North America showed an overall decline of around 10%, reinforcing concerns that the rise in prices last year has curbed demand.
Speculators cut net long positions in London cocoa and New York cocoa in the week to July 15.
New York cocoa rose 1.85% to $7,944 a ton.
Sugar
Raw sugar lost 1.1% to 16.64 cents per lb.
Dealers said early indications point to a potential global surplus in the 2025/26 season with a strong monsoon boosting production in India and Thailand.
White sugar fell 0.9% to $483.50 a ton.
