AGL 40.29 Increased By ▲ 0.09 (0.22%)
AIRLINK 130.29 Increased By ▲ 1.18 (0.91%)
BOP 6.29 Decreased By ▼ -0.31 (-4.7%)
CNERGY 4.04 Increased By ▲ 0.01 (0.25%)
DCL 8.82 Increased By ▲ 0.37 (4.38%)
DFML 42.75 Increased By ▲ 1.50 (3.64%)
DGKC 87.41 Increased By ▲ 0.41 (0.47%)
FCCL 33.78 Increased By ▲ 0.43 (1.29%)
FFBL 65.90 No Change ▼ 0.00 (0%)
FFL 10.69 Increased By ▲ 0.15 (1.42%)
HUBC 113.75 Increased By ▲ 3.05 (2.76%)
HUMNL 16.10 Increased By ▲ 0.87 (5.71%)
KEL 4.80 Increased By ▲ 0.02 (0.42%)
KOSM 7.99 Increased By ▲ 0.16 (2.04%)
MLCF 42.05 Increased By ▲ 0.15 (0.36%)
NBP 61.10 Increased By ▲ 0.60 (0.99%)
OGDC 184.79 Increased By ▲ 1.99 (1.09%)
PAEL 25.55 Increased By ▲ 0.19 (0.75%)
PIBTL 7.26 Increased By ▲ 1.00 (15.97%)
PPL 146.55 Decreased By ▼ -1.26 (-0.85%)
PRL 24.56 No Change ▼ 0.00 (0%)
PTC 16.47 Increased By ▲ 0.23 (1.42%)
SEARL 70.45 Decreased By ▼ -0.05 (-0.07%)
TELE 7.36 Increased By ▲ 0.06 (0.82%)
TOMCL 36.28 Decreased By ▼ -0.02 (-0.06%)
TPLP 8.13 Increased By ▲ 0.28 (3.57%)
TREET 15.87 Increased By ▲ 0.57 (3.73%)
TRG 51.44 Decreased By ▼ -0.26 (-0.5%)
UNITY 27.46 Increased By ▲ 0.11 (0.4%)
WTL 1.28 Increased By ▲ 0.05 (4.07%)
BR100 9,893 Increased By 51.1 (0.52%)
BR30 30,290 Increased By 253.7 (0.84%)
KSE100 93,026 Increased By 505.2 (0.55%)
KSE30 28,881 Increased By 94.4 (0.33%)

Arabica coffee futures on ICE US fell to a five-week low on Friday, weighed by fund-selling, ample supplies and sluggish physical demand. Cocoa and sugar prices rose slightly. December arabica coffee settled down 0.35 cent, or 0.3 percent, at $1.317 per lb, after touching a low of $1.3035, the weakest for the second month since July 13.
Dealers cited weak physical demand, well-stocked roasters and an uptick in arbitrage activity, with speculators selling funds in arabica and buying robusta coffee. Mid-session trade prices switched to an up trend, though still settled down for the day in an oversold market, said Boyd Cruel, commodity broker for High Ridge Futures in Gilbert, Arizona.
"The market's getting a technical bounce at $1.2650," Cruel said. "The market absorbed a lack of bullish news. We're just seeing a retracement." November robusta coffee settled up $47, or 2.3 percent, at $2,101 per tonne, pulling away from an eight-week low of $2,030 hit on Thursday.
December New York cocoa settled up $9, or 0.5 percent, at $1,878 per tonne, as the market continued to edge away from a one-month low of $1,830 set earlier this week. Expected delays to the next crop start from top producer Ivory Coast helped improve sentiment, despite persistently ample nearby supplies.
"We're expecting delays, but we have 450,000 ton surplus, so there's no urgency," said Nick Gentile, managing partner of commodity trading for NickJen Capital in New York. Speculative short-covering also supported prices, Gentile added. December London cocoa settled up 13 pounds, or 0.9 percent, at 1,496 pounds per tonne.
October raw sugar settled up 0.12 cent, or 0.90 percent, at 13.41 cents per lb, above Wednesday's seven-week low of 12.92 cents. Dealers said prices continued to be capped by rising global production. The International Sugar Organization on Friday forecast there would be a global sugar surplus of 4.6 million tonnes in 2017/18 compared with a deficit of 3.9 million in the prior season.
A stronger Brazilian real, along with expected rain in Brazil over the weekend, will encourage mills to produce ethanol rather than sugar, and supported prices, said Michael McDougall, director of commodities for Societe Generale in New York. The currency's gains support prices of dollar-traded commodities. October white sugar settled up $1, or 0.3 percent, at $370.60 per tonne.

Comments

Comments are closed.