The premium robusta coffee for delivery in January commands over the March futures climbed to a record, signaling tightening supplies as shipments fall from leading producer Vietnam and stockpiles dwindle. Cocoa dropped.
Coffee sales from Vietnam, the world’s largest producer of the robusta variety used in instant drinks, will probably pick up when the harvest ends, according to Volcafe, a unit of trader ED&F Man Holdings Ltd.
Robusta coffee declined to the lowest level in almost a week in London on speculation farmers in Vietnam, the top producer of the variety used in instant drinks, will start selling as the harvest advances. Sugar fell.
China is hoarding a record amount of cotton to aid farmers as global production exceeds demand for a fourth consecutive year, increasing the risk of a supply surge that would tip prices into a bear market.
Buyers of coffee from Indonesia, the third-largest robusta grower, are paying a smaller premium for their beans as exporters sell on concern a record crop in Vietnam will lead to lower prices, according to Volcafe Ltd.
Money managers raised bullish bets on cocoa traded in London to a record as global shortages loom for the 2013-14 season that started this month, according to data from NYSE Liffe, the derivatives arm of NYSE Euronext.
Money managers raised bullish bets on cocoa traded in London to a record for a third straight week as demand accelerates and shortages loom, according to data from NYSE Liffe, the derivatives arm of NYSE Euronext.
Sugar declined a second day in New York, after rising to the highest level in almost a year on Oct. 18, as traders assessed the consequence of a fire at Brazil’s main port. Cocoa fell on Ivorian bean arrivals.