Updates with market activity, commentary and closing prices
NEW YORK/LONDON, August 30 (Reuters) – Arabica coffee futures on ICE closed lower on Tuesday, slipping slightly from last week’s six-month high, as rains in Vietnam and a wetter weather outlook in Brazil eased concerns over the harvests.
* December arabica coffee KNc2 stood 1.4 cents, or 0.6%, at $2.352 a pound, after hitting a six-month high of $2.4295 last week.
* Dealers said forecasts of rain in Brazil’s coffee regions over the next 10 days had helped push prices down slightly, alleviating concerns about a lack of moisture to support the development of coffee buds and cherries after early flowering.
* They said a rebound in forex stocks was also a bearish influence.
* ICE-certified arabica stocks as of August 30 rose by 8,120 bags to 671,994, continuing to rebound from a 23-year low of 571,580 bags on August 15.
* November robusta coffee LRCc2 fell $18, or 0.8%, to $2,261 a tonne after hitting a 7.5-month high of $2,355 last week.
* Dealers said weekend rains in major robusta producer Vietnam are expected to improve prospects for the upcoming 2022/23 crop, but may not be enough to fully undo the damage caused by the dry weather recent.
*October raw sugar SBc1 was 0.34 cents, or 1.8%, at 18.10 cents per pound.
* Dealers said the market was partly under pressure due to weak energy prices. There have also been comments about ongoing Covid lockdowns in China, which may hurt demand for sugar. WHERE
* Falling fuel prices may lead to increased use of cane to make sugar at the expense of cane-derived biofuel ethanol, especially in major sugar producer Brazil.
* Ethanol prices continued to fall last week in Brazil, losing around 7%, according to Cepea Esalq.ESQ/ETN/ANALYSIS
* October white sugar LSUc1 fell $11.40, or 2%, to $548.50 a tonne.
* December New York Cocoa CCc2 fell $2, or 0.1%, to $2,408 a tonne.
* Above-average rains last week in most cocoa-growing areas of Ivory Coast could lead to an early start to the main harvest from October to March, farmers said on Monday.
* December London Cocoa LCCc2 rose 16 pounds, or 0.9%, to 1,863 pounds per ton.
(Reporting by Marcelo Teixeira and Nigel Hunt Editing by Kirsten Donovan and David Goodman)
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