Coffee futures market hit a two-year high
ICE raw sugar fell on March 11, coffee futures market hit a two-year high
ICE Arabica futures extended their strong rally Tuesday, hitting a two-year high as parts of Brazil's coffee belt did not receive enough rain and Robusta rose to a one-year high.
Cocoa futures rose to two-and-a-half-year highs in New York and London, driven by technical buying. Sugar is falling.
ICE-May Arabica coffee closed up 2.25 cents, or 1.1 percent, at $2.0565 a pound after hitting a two-year high of $2.0890 in intraday trading.
While parts of Brazil's coffee belt received much-needed rainfall, other areas did not receive rain, and below-normal rainfall is still expected.
Brazil's Robusta coffee bean growing area was unaffected by dry weather.
London International Financial Futures and Options Exchange (LIFFE)-May Robusta coffee closed up $33, or 1.5 percent, at $2,180 a tonne after hitting a one-year intraday high of $2,195.
Cocoa futures rose to multi-year highs, helped by an expected global shortage in 2013/14 and a stop-loss buy above $3,000 on the ICE-May contract.
ICE-May cocoa futures closed up $22, or 0.7 percent, at $3,006 a tonne after hitting an intraday high of $3,027 since September 2011. Liffe-May cocoa futures closed up 18 pounds, or 1 percent, at 1,878 pounds a tonne.
ICE-May raw sugar closed down 0.19 cents, or 1 percent, at 18.03 cents. Liffe-May white sugar closed down $7.10, or 1.5 percent, at $471.00 a tonne.
China Coffee Trading Network: www.gafei.com
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The purchase price of coffee in Yunnan has increased by 86%.
Coffee-loving white-collar workers may be prepared to increase consumer spending in this area. Global coffee bean prices have soared as Brazil, the world's largest coffee producer, has suffered its worst drought in decades and record high temperatures. Data show that the ICE Arabica coffee futures market hit a two-year high on Tuesday, and Robusta coffee prices also rose to an one-year high.
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