SOFTS-Rising robusta premium, sugar eases

Thu Feb 16, 2012 10:29am GMT
 

LONDON Feb 16 (Reuters) - Robusta coffee futures firmed in early trading on Thursday with a focus on a rising premium between the two nearby contracts.

ICE sugar eased, weighed by a firmer dollar as a delay on a decision on a bailout for Greece unnerved investors, while ICE cocoa consolidated, having soared 5 percent on Wednesday as West African arrivals slowed.

COFFEE

* Robusta coffee futures firmed, with upside limited by the strong dollar, and dealers said gains over the past month could trigger sales on the physical market.

* The March contract widened to stand at $184 per tonne premium over May LRC-1=R at 0949 GMT, compared with a premium of $169 per tonne at the close on Wednesday.

* March robusta coffee on Liffe was up $5 or 0.2 percent to $2,148 a tonne.

* Farmers in main robusta producer Vietnam started to offer more beans this week because of rallies in London futures, while roasters asked for cheaper premiums for Indonesian coffee as the harvest progresses, dealers said on Thursday.

* The benchmark arabica May coffee contract firmed and remained within sight of its lowest levels in more than 14 months, not far above the psychological $2-per-lb level.   Continued...

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