Outside morning review: ICE Arabica coffee futures and cocoa futures rose
NEW YORK/LONDON (Reuters)-ICE Arabica coffee futures rallied from a one-month low on Tuesday as technical signals and low buying, while cocoa futures rose in volume, driven by technical factors, offsetting a general decline in commodity markets and ample supply.
ICE raw sugar futures fell to a one-month low, weighed down by weak commodity markets, rain in Brazil, a major producer, and expectations that new supply from Asia will soon enter.
The Thomson Reuters CRB index of core commodities fell, led by a slump in the oil market, with only coffee, cocoa and natural gas rising among 19 commodities covered.
ICE-March Arabica coffee futures KCZ5>, the most actively traded, closed up 2.35 cents, or 1.2 percent, at $1.925 a pound after hitting a one-month low of $1.864 intraday.
Technical buying increased after futures broke through the 50-day and 200-day moving averages. Brokers said buying by processors rose at the low of the day.
January Robusta coffee futures fell $33, or 1.6 percent, to close at $2,040 a tonne on the London International Financial Futures and Options Exchange (LIFFE).
ICE-March cocoa futures rose $21, or 0.7 percent, to $2,877 a tonne after hitting yesterday's five-and-a-half-month low of $2,853 in intraday trading but not breaking through.
Liffe-March cocoa futures closed up 9 pounds, or 0.5 percent, at 1,879 pounds a tonne.
ICE-March raw sugar futures closed down 0.25 cents or 1.6 percent at 15.68 cents a pound. LIFFE-December white sugar futures closed down $6, or 1.4 percent, at $416.70 a tonne.
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Coffee produced in Yunnan is an important raw material for coffee drinks.
According to Xinhua News Agency, Beijing, November 4, British media said that China is traditionally famous for producing fragrant tea, but the country is becoming a major Asian producer of another beverage ingredient (high-quality Arabica coffee beans). According to a report on the Financial Times website on November 2, international commodity traders and roasters said that coffee produced in Yunnan, China, is low.
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Coffee shops run animal-themed coffee shops in Chongqing are popular.
Recently, a zoo-style coffee shop in Chongqing business district has become popular. Tigers, giraffes, gorillas and other animals have been arranged in fashionable coffee shops to place people in the bustling zoo, which has been liked by many netizens. Some netizens even said: you can get rid of Starbucks a few streets! It is understood that the decoration and layout of Chongqing ZooCoffee coffee shop adopts the style of animal theme.
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