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In Brazil, after weeks of drought and uncertainty surrounding the presidential election caused coffee prices to rise, the commodity finally saw its rally come to an end on Monday.
Cocoa prices fell today, but with fears of the deadly Ebola virus intensifying, analysts are expecting another spike in the price of the commodity as countries like Ghana and the Ivory Coast – the two largest cocoa producers in the world – remain vulnerable to an outbreak.
Coffee prices rose as the Brazilian supply remained threatened by the recent droughts, but sugar prices declined in spite of the dry weather due to abundant global supply.
According to Reuters, ICE Futures U.S. for raw sugar October/March spread narrowed 30 percent prior to the spot contract’s expiry.
On Thursday cocoa futures rallied for the second straight session following arrivals that were lower than forecasted in top grower Ivory Coast.
Sugar prices rebounded on Wednesday after demand increased following a four-year low earlier in the trading session when ICE raw sugar fell amid weak demand and an oversupply that kept prices under pressure.
Arabica coffee futures on ICE firmed on Tuesday.
On Wednesday ICE raw sugar futures were down, trading near the previous session’s lowest level in over seven months.
On Monday cotton futures gained over supply concerns, reaching their biggest one-day rally in 2-1/2 weeks.