Arabica futures were underpinned by tight supplies of quality beans early on Wednesday. ICE raw sugar futures nudged close to 9-month highs, underpinned by supply concerns, while cocoa was little changed. Arabica coffee edged closer to its 13-year high of $1.9865 a lb hit last month, after its rally outpaced the robusta market due to tight supplies, widening the premium on arabica coffee.
ICE December arabica coffee futures were up 2.9 cent or 1.5 percent at $1.9380 a lb. ICE raw sugar futures neared nine-month highs on investor buying, supported by concerns over tight near-term supplies. ICE March raw sugar futures traded up 0.75 cent or 2.7 percent at 29.06 cents a lb. ICE cocoa futures were near unchanged as the market consolidated after bearish demand data last week. ICE December cocoa was up $10 or 0.4 percent at $2,760 per tonne.
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