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SOFTS-Arabica coffee prices slip in technically-driven trade
发布时间:2017-07-08 08:00 来源:http://www.techolics.com

SOFTS-Arabica coffee prices slip in technically-driven trade

* Coffee harvest progressing quickly in Vietnam

* Update on Brazil cane crush expected later on Tuesday

By Nigel Hunt

LONDON, Nov 25 (Reuters) - Arabica coffee futures on ICE dipped on Tuesday with the market driven largely by technical trading while sugar edged higher and cocoa was little changed.

March arabica coffee futures on ICE (KCc2) was down 1.65 cents or 0.9 percent at $1.8885 per lb by 1230 GMT, drifting towards support at a recent low of $1.8540 set two weeks ago.

Dealers said the market remained choppy, awaiting more clarity on the outlook for Brazil's 2015/16 harvest.

"I think the market is moving purely on technicals at the moment," one London trader said.

"The market is reaching the conclusion it is too early to make a decisive comments about Brazil," the trader added, noting accurate forecasts could only be produced after cherries form around late January.

January robusta coffee (LRCc2) fell $17 or 0.8 percent to $2,082 a tonne.

Dealers noted the harvest in top robusta producer Vietnam was in full swing.

"Harvesting is going quickly thanks to sunny days," said independent analyst Nguyen Quang Binh, who was in the Central Highlands coffee belt at the weekend.

Sugar futures crept higher with March raws (SBc1) up 0.15 cents or 0.9 percent at 16.15 cents a lb and March whites (LSUc1) rising $2.90 or 0.7 percent to $420.60 per tonne.

Dealers said the market was awaiting an output update expected later on Tuesday from Brazilian sugar and ethanol industry association Unica as cane crushing tails off in the world's top producer and exporter.

Cocoa futures were little changed with March New York (CCc2) up a marginal $1 at $2,867 a tonne.

Dealers said the technical outlook was constructive with prices breaching resistance at the 10-day moving average on Monday and climbing to a 2-week high of $2,878 a tonne.

"Short-term indicators suggest the potential for modest gains," Sucden analyst Myrto Sokou said, noting the next upside target was around $2,914 a tonne.

Dealers said the potential for a global cocoa deficit in 2014/15 also remained a supportive influence.

The global cocoa market could fall to a deficit in the current 2014/15 crop year if the world's top growers Ivory Coast and Ghana harvest "disappointing crops", a closely watched report seen by Reuters on Monday showed.

March London cocoa (LCCc2) rose 4 pounds or 0.2 percent to 1,897 pounds a tonne.