London coffee futures rose to the highest in almost a month on Tuesday as concerns about supplies in hurricane-stricken Latin America triggered fund buying, traders said. Hurricane Stan has hit coffee crops in Central America and southern Mexico but so far only Guatemala has given a loss estimate in the region, one of the world's top arabica bean growing zones.
The news has helped jolt the arabica and robusta markets out of the sideways trend of the past few weeks and reversed a campaign of selling by system funds that follow technical signals, dealers said.
Liffe's benchmark November robusta futures contract extended Monday's four percent rise and was $23, or 2.4 percent higher by 1103 GMT at $929 a tonne. It made a session low of $915 and a high of $940 - the contract's peak price since September 15.
COCOA RISES: London coffee futures rose to the highest in almost a month on Tuesday as concerns about supplies in hurricane-stricken Latin America triggered fund buying, traders said.
Liffe's benchmark November robusta futures contract extended Monday's four percent rise and was $23, or 2.4 percent higher by 1103 GMT at $929 a tonne. It made a session low of $915 and a high of $940 - the contract's peak price since September 15.
SUGAR MOVES UP: London white sugar futures rose on speculator buying at midday on Tuesday, and European traders said the market appeared overbought due to a lack of physical business.
They said NYBOT raw sugar futures could open some 0.05 cents a lb higher on the back of stronger London futures prices.
Front-onth December was up $2.10 at $307.50 per tonne in volume of 1,176 lots at 1123 GMT, having moved from $309.50 to $305, and traders said last week's contract high of $314.0 was now within sight.
March was up $2.0 at $313.50 in volume of 1,090 lots, after trading from $314.50 to $311.50.
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