Arabica coffee futures hit a three-week high
New YORK / London (Reuters)-Arabica coffee futures hit a three-week high on Thursday as the recent rebound gained momentum and the market focused on production cuts in Brazil. New York cocoa futures hit a more than six-week low as funds continued to close their positions.
Raw sugar futures fell for the third day in a row as the Brazilian real continued to fall.
ICE May Arabica coffee futures closed up 4.10 cents, or 2.9%, at $1.4415 a pound, after climbing the next monthly contract to $1.4675 since Feb. 25.
Us coffee traders said Arabica coffee futures rose on concerns about production in drought-affected Brazilian coffee bean-growing areas and the continuation of the market's rebound from Friday's low of $1.2875.
Traders also said Brazilian producers were reluctant to sell after the recent fall in prices, further supporting the market.
May Robusta coffee futures fell $4, or 0.2%, to $1815 a tonne.
New York May cocoa futures fell $43, or 1.6%, to close at $2715 a tonne, hitting an intraday low of $2705 since Feb. 3, as the fund continued to close its position.
London cocoa futures in may closed down 26 pounds, or 1.3%, at 1923 pounds a tonne, hitting an intraday low of 1919 pounds since Feb. 5.
May raw sugar futures fell 0.11 cents, or 0.9%, to 12.62 cents per pound.
May sugar futures fell $2.20, or 0.6%, to close at $363.70 a ton.
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Brazilian Coffee Cooperative predicts that coffee production will fall by half in 2015
Sao Paulo, March 17 (Reporter Wang Zhengrun Xunwei) COCAPEC, the third largest coffee cooperative in Brazil, predicts that coffee production by its members will drop by half in 2015. COCAPEC said the decline in coffee was mainly due to severe drought and the superposition of coffee production in a small year. The output of coffee trees has a cycle every two years, with high yield in one year and low yield the next year. COCAPEC Coffee Cooperative
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