Robusta coffee advanced in London trading after rains and floods in Viet Nam, the world’s second- biggest producer of the beans, damaged crops in central regions. Cocoa and white sugar declined.
The rainfall hurt crops in Dak Lak, Vietnam’s largest coffee-growing area, and hindered farmers from drying beans and taking care of trees, according to the Dak Lak Hydrology and Meteorology Office in the central highlands.
The rain has delayed deliveries to Ho Chi Minh City port, said Ho Sy Trung, head of the export-import business at Phuoc An Coffee Dak Lak Co., the second-largest grower in the province.
Robusta for March delivery rose $13, or 0.8%, to $1,603 a metric ton as of 12:13 p.m. on the Liffe exchange in London. The contract advanced 2.9% on Jan. 2.
Global coffee consumption growth will slow this season, F.O. Licht said in its first estimate for supply and demand for the 2008-09 season.
Consumption will rise 1.1 percent to 127.8 million bags, down from a 5-year average of 2.2 percent, the Ratzeburg, Germany-based researcher said in a report. With a crop of 138.5 million bags, global stockpiles after harvests will climb to almost 32.2 million bags from 30.7 million bags a year earlier.
The current season runs from Oct. 1, 2008, to Sept. 30, 2009. A bag weighs 60 kilograms (132 pounds).
Among other agricultural commodities traded on Liffe, cocoa for March delivery fell 5 pounds, or 0.3%, to 1,787 pounds ($2,595) a ton. White sugar dropped $2.85, or 0.9%, to $326.40 a ton.
Raw and white sugar futures may fall this week, a Bloomberg survey showed. Four of eight traders, analysts and brokers surveyed by Bloomberg News forecast lower prices for raw sugar traded in New York. Three of six people surveyed said white sugar traded in London will decline. (Bloomberg)
Thursday, February 19, 2009
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment