Raw sugar prices slip after setting six-year high
LONDON, Feb 1 (Reuters) -Raw sugar futures fell back on Wednesday after climbing to a six-year peak while arabica coffee futures also turned lower after touching a three-month high.
* March raw sugar SBc1 was 1.2% down at 21.49 cents per lb by 1520 GMT after earlier climbing to a six-year peak of 21.86 cents.
* Dealers said the market may be set to consolidate in the short term after its recent strong advance, with technical indicators suggesting the market has become overbought.
* The run-up has been fuelled by tight supplies and partly by suggestions that lower than expected production in India is likely to curb exports from the world's second-largest sugar exporter.
* "Some of India’s mills, especially in Maharashtra, closing early continues to see the market worry about near‑term supply," Commonwealth Bank of Australia analyst Tobin Gorey said in a note.
* March white sugar LSUc1 fell 2.5% to $566.40 a tonne.
* March arabica coffee KCc1 was down 1% at $1.7995 per lb after touching a three-month high of $1.8420.
* Dealers said the run-up had been driven by fund short-covering against the backdrop of some Brazilian physical coffee premiums rising to their highest in a decade.
* March robusta coffee LRCc1 fell 1.9% to $2,068 a tonne.
* Retail prices in the United States for roast and ground coffee, the most popular type sold, rose as much as 50% year on year in the fourth quarter of 2022, as companies tried to offset higher costs, a report said on Tuesday.
* March New York cocoa CCc1 rose 0.2% to $2,587 a tonne.
* Ghana's graded and sealed cocoa arrivals since the start of this year's harvest on Oct. 1 stood at 440,403 tonnes by Jan. 5, up 54% from 286,000 tonnes in same period last season, figures from marketing board COCOBOD showed on Wednesday.
* March London cocoa LCCc1 fell 0.15% to 2,022 pounds per tonne.
Reporting by Nigel Hunt
Editing by Kirsten Donovan and David Goodman
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