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SOFTS-Arabica coffee hits fresh one-year low, sugar also down

October 17, 2022
SOFTS-Arabica coffee hits fresh one-year low, sugar also down
SOFTS-Arabica coffee hits fresh one-year low, sugar also down
NEW YORK/LONDON, Oct 17 (Reuters) – Arabica coffee futures on ICE closed down on Monday, having hit their lowest in more than a year during a choppy session which saw some bargain hunting that at times led the market to move into positive territory.

COFFEE

* December arabica coffee KCc1 settled down 1.15 cents, or 0.6%, at $1.9555 per lb​​, after touching a one-year low of $1.9405. The contract lost 9.8% last week.

* Forecaster Maxar said showers in Brazil should decline soon and crop growth will become limited under a slightly drier pattern.

* Shipments of green coffee out of Brazil continued at good pace in October averaging 10,570 tonnes per day versus 9,440 tonnes per day at the same month last year, according to government data.

* ICE arabica coffee speculators cut their net long position by 453 contracts to 23,874 in the week to Oct. 11, data showed.

* January robusta coffee LRCc2 fell $6, or 0.3%, to $2,045 a tonne.

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(Source: https://www.nasdaq.com/articles/softs-arabica-coffee-hits-fresh-one-year-low-sugar-also-down )