Arabica prices rally back towards 3-month peak

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Updates prices

LONDON, Feb 2 (Reuters) -Arabica futures on ICE rallied on Thursday, heading back towards a recent three-month peak on signs that available supplies in Brazil are shrinking fast.


* March arabica coffee KCc1 rose 0.8% to $1.7735 per lb by 1647 GMT, ​after touching $1.8420 on Wednesday, its highest since late October.

* Dealers said funds are covering their short positions as physical premiums in top producer Brazil have shot up to their highest in about a decade.

* Also, top producer Brazil's January green coffee exports fell 5% from an year earlier to 169,553 tonnes.

* Rabobank on Wednesday lowered its forecast for the 2023/24 global coffee surplus to 1.6 million 60-kg bags from a previous estimate of 4 million.

* March robusta coffee LRCc1 rose 0.4% to $2,062 a tonne.

* Trading in top robusta producer Vietnam has resumed after a week-long Lunar New Year break but farmers were reluctant to sell due to steep discounts being offered by buyers.


* March raw sugar SBc1 ​rose 1% to 21.58 cents per lb after earlier climbing on Wednesday to a six-year peak of 21.86 cents.

* Logistical bottlenecks in Brazil are on the cards this year as the world's top sugar exporter is harvesting a bumper grain crop just as sugar production is also expected to rise, sugar trader Alvean's chief executive said.

* Mills in India, the world's second largest sugar exporter, have produced 21.6 million tonnes of the sweetener since the current season began on Oct. 1, up 6% year on year.

* Still dealers said the market overall is lowering its sugar output forecasts for India this year, boosting prices, which have at the same time become technically overbought.

* March white sugar LSUc1 rose 0.4% to $564.70 a tonne.


* March New York cocoa CCc1 fell 0.3% to $2,584 a tonne.

* Cocoa arrivals at ports in top grower Ivory Coast have slumped since the beginning of the year as erratic and insufficient rainfall hit crop output, exporters and farmers said.

* March London cocoa LCCc1 slipped 0.5% to 2,013 pounds per tonne​.

Reporting by Maytaal Angel; Editing by Arun Koyyur, Kirsten Donovan


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