June 11 (Bloomberg) -- Coffee prices jumped to the highest level since December in New York after a rally in London futures triggered buying from speculators betting on tightening supplies. Sugar also gained, whiles cocoa slipped.
European coffee stockpiles fell 4.7 percent to 10.7 million bags on April 30 from a month earlier, the European Coffee Federation said today in an e-mailed report. Robusta futures soared to a one-year high in London on signs of lower exports from Vietnam, the world’s biggest grower of the variety used in instant coffee and blends.
“The European stocks have been coming down hard,” said Judith Ganes-Chase, a Katonah, New York-based commodity consultant. “People are jumping into the pool here, and there’s also some short-covering.”
Arabica coffee for September delivery rose 7.35 cents, or 5.3 percent, to $1.461 a pound on ICE Futures U.S. in New York, the biggest gain for a most-active contract since Jan. 6, 2009. Earlier, the price touched $1.4755, the highest level since Dec. 18. The contract advanced 8 percent this week.
On the Liffe exchange, robusta-coffee futures for September delivery climbed $51, or 3.5 percent, to $1,524 a metric ton, after touching $1,538, the highest price since June 11, 2009.
In Central America, excess moisture may nurture diseases and pests, hurting production of arabica beans used by specialty companies including Starbucks Corp., according to the International Coffee Organization in London.
Exports from Vietnam fell 20 percent to 9.5 million bags in the seven months to April from a year earlier, ICO data showed. A bag weighs 132 pounds, or 60 kilograms.
Sugar, Cocoa
In another ICE market, raw-sugar futures for October delivery added 0.33 cent, or 2.1 percent, to 15.84 cents a pound, after touching 16 cents, the highest price since April 26. The contract rose for four straight days and jumped 6.5 percent for the week.
Cocoa futures for September delivery fell $4, or 0.1 percent, to $2,937 a metric ton on ICE. The price declined 0.1 percent this week.
To contact the reporter on this story: Yi Tian in New York at Ytian8@bloomberg.net
By Yi Tian
European coffee stockpiles fell 4.7 percent to 10.7 million bags on April 30 from a month earlier, the European Coffee Federation said today in an e-mailed report. Robusta futures soared to a one-year high in London on signs of lower exports from Vietnam, the world’s biggest grower of the variety used in instant coffee and blends.
“The European stocks have been coming down hard,” said Judith Ganes-Chase, a Katonah, New York-based commodity consultant. “People are jumping into the pool here, and there’s also some short-covering.”
Arabica coffee for September delivery rose 7.35 cents, or 5.3 percent, to $1.461 a pound on ICE Futures U.S. in New York, the biggest gain for a most-active contract since Jan. 6, 2009. Earlier, the price touched $1.4755, the highest level since Dec. 18. The contract advanced 8 percent this week.
On the Liffe exchange, robusta-coffee futures for September delivery climbed $51, or 3.5 percent, to $1,524 a metric ton, after touching $1,538, the highest price since June 11, 2009.
In Central America, excess moisture may nurture diseases and pests, hurting production of arabica beans used by specialty companies including Starbucks Corp., according to the International Coffee Organization in London.
Exports from Vietnam fell 20 percent to 9.5 million bags in the seven months to April from a year earlier, ICO data showed. A bag weighs 132 pounds, or 60 kilograms.
Sugar, Cocoa
In another ICE market, raw-sugar futures for October delivery added 0.33 cent, or 2.1 percent, to 15.84 cents a pound, after touching 16 cents, the highest price since April 26. The contract rose for four straight days and jumped 6.5 percent for the week.
Cocoa futures for September delivery fell $4, or 0.1 percent, to $2,937 a metric ton on ICE. The price declined 0.1 percent this week.
To contact the reporter on this story: Yi Tian in New York at Ytian8@bloomberg.net
By Yi Tian
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