Arabica coffee climbs on Brazil weather, gains 4.7% in the week
Adds comments and closing prices
NEW YORK, Jan 26 (Reuters) -Arabica coffee futures on ICE rose sharply on Friday to reach a nearly 5% weekly gain, as the focus remained on whether there would be sufficient rain in Brazil's coffee belt to ease concerns about dryness.
COFFEE
* March arabica coffee KCc1 settled 6.9 cents, or 3.7%, higher at $1.9385 per lb, climbing back towards Tuesday's four-week high of $1.9575. The contract gained 4.7% in the week.
* Dealers noted recent rains had mostly been in the northern half of Brazil's coffee belt, though forecasts suggested there were likely to be showers in central areas in early February.
* They also said low exchange stocks continued to provide support for prices. Certified stocks fell to 249,206 bags, as of Jan. 26, sharply down from 863,594 bags a year ago.
* Saxo Bank, in a report, noted that a lack of containers in Brazil was leading to port congestion while disruptions to the flow of coffee through the Red Sea had also supported prices recently.
* March robusta coffee LRCc1 rose 0.6% to $3,269 a metric ton after setting a contract high of $3,325.
SUGAR
* March raw sugar SBc1 settled 0.27 cents, or 1.1%, lower at 23.77 cents per lb. It gained only 0.8% in the week, after a large gain of 9% in the previous week.
* Dealers said poor crops in Asia had tightened supplies and there remained concerns that dry weather in Brazil could curb production in the world's top exporter.
* March white sugar LSUc1 fell 1.1% to $668.10 a ton.
COCOA
* March London cocoa LCCc1 settled 27 pounds, or 0.7%, higher at 3,749 pounds a ton. The front month hit a record high of 3,834 pounds on Thursday, but ended the week with a 1% loss.
* Dealers said the prospect of a third successive global deficit in the current 2023/24 season continued to support prices, though there have been concerns that high prices have begun to curtail demand.
* March New York cocoa CCc1 rose 1% to $4,672 a ton.
Reporting by Nigel Hunt and Marcelo Teixeira
Editing by David Goodman, Kirsten Donovan and Krishna Chandra Eluri
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