Arabica coffee prices climb, sugar and cocoa also up
- December arabica coffee was up 2.8 cents, or 2.36%, at $1.2515 per lb, climbing towards a 4-1/2 month peak of $1.2890 set on Aug. 5.
- October raw sugar was up 0.04 cents, or 0.3%, at 12.81 cents per lb.
LONDON: Arabica coffee futures on ICE rose on Friday, boosted by a weak dollar and low exchange stocks, while sugar and cocoa prices also gained.
COFFEE
December arabica coffee was up 2.8 cents, or 2.36%, at $1.2515 per lb at 1238 GMT, climbing towards a 4-1/2 month peak of $1.2890 set on Aug. 5.
The market rose sharply during the second half of July and early August, buoyed partly by declining exchange stocks, before running into resistance and suffering a short-term setback.
"In order to regain upside momentum prices need to break the band of resistance at 127 to 130 (cents per lb)," Sucden Financial head of research Geordie Wilkes said in a note.
November robusta coffee was up $29, or 2.1%, at $1,434 a tonne, moving towards an eight-month peak of $1,448 set on Wednesday.
SUGAR
October raw sugar was up 0.04 cents, or 0.3%, at 12.81 cents per lb.
Dealers said short-term supplies remained plentiful due to strong production in Brazil, and October's discount to March could widen even further from the current level of around 0.62 cents in the run-up to the contract's expiration at the end of September.
October white sugar was up $1.10, or 0.3%, at $363.10 a tonne.
COCOA
December New York cocoa rose $30, or 1.2%, to $2,569 a tonne after peaking at $2,574, the highest level for the second position since March 11.
Dealers said the market was supported by concern that dry weather could curb production in West Africa.
December London cocoa was up 19 pounds, or 1.1%, at 1,739 pounds a tonne.
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