Arabica coffee prices rise but still set for weekly loss
Arabica coffee futures on ICE were higher on Friday but were still set for a weekly loss, weighed down partly by rising exchange stocks, while raw sugar prices edged higher.
* March arabica coffee KC2! rose 0.7% to $1.5980 per lb by 1452 GMT although the contract was on track for a weekly loss of about 1.8%.
* Dealers said the market was back on the defensive after a short-lived rally linked partly to a deteriorating outlook for next year's crop in Brazil.
* "After temporarily rebounding due to a worsening supply outlook in top producer Brazil and Colombia, arabica coffee prices have begun to ease, triggered by a sharp rebound in ICE arabica coffee inventories," Fitch Solutions said in a note.
* stocks stood at 668,581 bags on Dec. 8, well above a 23-year low of 382,695 bags set on Nov. 3. There were 395,432 bags pending grading.
* January robusta coffee RC1! fell 0.2% to $1,914 a tonne.
* March raw sugar SB1! rose 0.25% to 19.73 cents per lb.
* The market has been supported by rains in Brazil which is likely to result in millions of tonnes of cane being left in the fields to be harvested next year.
* A report on cane and sugar production in the key Centre-South region of Brazil covering the second half of November is expected to be issued on Monday
* March white sugar SF1! rose 0.04% to $540.80 a tonne.
* March New York cocoa CC2! rose 0.7% to $2,560 a tonne.
* in Africa's largest-producing countries, including the world's No. 1 exporter Ivory Coast, are estimated to have greater resilience than usual in the coming dry season, a Climate42 agricultural weather report said.
* March London cocoa C2! rose 0.7% to 1,992 pounds a tonne.