SOFTS-Coffee surges as funds, roasters buy the dips; sugar up
NEW YORK/LONDON, March 8 (Reuters) – Coffee futures on ICE rose sharply on Tuesday as investors and roasters took the opportunity from a recent weakness in the market to buy contracts.
Raw sugar futures were also up as energy markets surged.
COFFEE
* May arabica coffee KCc2 settled up 8.65 cents, or 3.9%, at $2.329 per lb, posting a strong recovery after hitting a 3-1/2 month low on Friday.
* May robusta coffee LRCc2 rose $59, or 2.9%, at $2,094 a tonne.
* Dealers said the market found support after its recent slide, with supply tightness remaining a bullish factor.
* “I think the selloff from $2.60 to $2.20 was absurdly extended. The market was very oversold,” said one coffee broker, adding that the basic fundamentals of the market remained positive for prices. (…)
(Source: https://www.nasdaq.com/articles/softs-coffee-surges-as-funds-roasters-buy-the-dips-sugar-up)