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Coffee Falls on Signs Global Supply to Gain; Sugar, Cocoa Rise

Jan. 17 (Bloomberg) -- Coffee futures fell to a one-week low in New York on signs that global production will increase. Sugar and cocoa advanced.

The worldwide coffee market may have a surplus in the season starting in October as output expands in Brazil, the world’s biggest grower, Commerzbank AG said today in a report. Global production will be 132.4 million bags in the current season, up 3 percent from a December forecast, the International Coffee Organization said yesterday.

“The ICO news is weighing on the market,” Drew Geraghty, a broker at ICAP Futures LLC in Jersey City, New Jersey, said in a telephone interview.

Arabica coffee for March delivery slipped less than 0.1 percent to close at $2.2515 a pound at 1:51 p.m. on ICE Futures U.S. in New York. Earlier, the price touched $2.211, the lowest for a most-active contract since Jan. 9.

A bag weighs 60 kilograms (132 pounds).

Raw-sugar futures for March delivery advanced 0.1 percent to 23.86 cents a pound.

Cocoa futures for March delivery rose $1 to $2,270 a metric ton in New York.

In London futures trading, robusta coffee fell, while refined sugar and cocoa rose.

To contact the reporter on this story: Yi Tian in New York at ytian8@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

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