Top Stories
Top Stories

SOFTS-Robusta coffee slips to 3-year low, arabica also weakens

LONDON, April 25 (Reuters) - Robusta coffee fell to the lowest level in more than three years on Thursday, weighed down by producer and speculative selling against the backdrop of surplus supplies.


* July robusta coffee fell $13, or 0.9 percent, to $1,378 a tonne by 1041 GMT, after dipping to a low of $1,369, the weakest for the second position since March 2016.

* "You look at supply/demand and it paints a very bleak picture," one dealer said, adding roasters were well covered and were showing little appetite to buy despite the fall in prices.

* Dealers said the arabica market led the decline last week and now robusta was catching up.

* A huge crop in Brazil last year and a favourable outlook for this year's harvest continues to weigh on coffee prices.

* Vietnam's coffee exports are forecast to fall to around two million 60-kg bags in April from 2.87 million bags last month, traders said on Thursday, as farmers are not keen to sell at low prices.

* July arabica coffee fell 0.90 cent, or 1 percent, to 91.40 cents per lb, drifting down towards last week's 13-1/2 year low of 89.00 cents.


* July raw sugar was down 0.02 cent, or 0.2 percent, at 12.88 cents per lb.

* Dealers said the market remained trapped between solid support below 12.50 cents but resistance above 13 cents.

* Cane crush data for Centre-South Brazil covering the first half of April was expected to be released later this week.

A survey of analysts conducted by S&P Global Platts saw a cane crush of 16.5 million tonnes, down 26 percent year on year and the lowest volume for the period since 2015/16.

* August white sugar was up $2.70, or 0.8 percent, at $343.00 a tonne.


* July London cocoa rose 23 pounds, or 1.35 percent, to 1,729 pounds per tonne, regaining some ground after three consecutive daily declines.

* Dealers said the weakness of sterling against the dollar added to gains in London.

* July New York cocoa was up $10, or 0.4 percent, at $2,258 per tonne. (Reporting by Nigel Hunt; editing by David Evans)