Arabica coffee closed below 1.90 for the first time in six weeks.
New YORK / London (Reuters)-ICE March Arabica coffee futures closed below $1.90 on Thursday for the first time in six weeks on forecasts of rain in Brazil, the largest grower of coffee beans, and a stronger dollar weighing on dollar-denominated commodities.
ICE raw sugar futures hit a five-and-a-half-week low on ample supply and a stronger dollar. Cocoa futures rose slightly.
Drought-stricken coffee-growing areas in Brazil are set to usher in spring rains, which could ease crop growth pressure, dragging down March Arabica coffee futures, the most actively traded, down 2.55 cents, or 1.3%, to $1.88 a pound.
This is the first time the contract has closed below $1.90 since Sept. 25.
The weakness of the real against the dollar also weighed on Arabica coffee futures. The real hit a six-year low of 2.5603 against the dollar.
London International Financial Futures and options Exchange (LIFFE)-January Robusta coffee futures fell $19, or 0.9%, to $2007 a tonne.
ICE- March raw sugar futures closed down 0.03 cents, or 0.2%, at 15.48 cents a pound, hitting an intraday low of $15.42 since Sept. 29, hit by abundant supply and the weakness of the Brazilian real against the dollar.
LIFFE- December sugar futures rose 40 cents, or 0.1 percent, to close at $415.40 a tonne. March sugar futures, the most actively traded, were flat, closing 20 cents higher at $410.50 a tonne.
ICE- March cocoa futures also closed stable, rising slightly by $1 to close at $2871 a tonne.
LIFFE- March cocoa futures rose 16 pounds, or 0.9%, to close at 1894 pounds a tonne.
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