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At Usc 17.4/Ib, the average ICE NY sugar price (three-month ahead) increased respectively by Usc
0.1/Ib (+0.6%) m-o-m and by Usc 6.5/Ib (+45.6%) y-o-y during June 2021. At an average of USD
454/MT, the respective ICE London benchmark price fell by USD 5.0/MT (-1.1%) m-o-m, although
increased by USD 91.4/MT (+25.2%) y-o-y over the corresponding period. Both benchmark price
series continue to trend near four-year highs, supported by improving demand fundamentals against
major producers' tighter supply expectations, most notably Brazil and Europe.
The average ICE London cocoa bean price fell by GBP 38/MT (-2.3%) m-o-m in June 2021 to GBP
1,624/MT, while the NY benchmark contracted by USD 76/MT (-3.1%) m-o-m to USD 2,407/MT over
the same period. Both price series lost support as speculation regarding supply concerns in West
Africa eased. The London price contracted by GBP 106/MT (-6.15%) y-o-y in May, based on large
stocks and low European grindings. However, the NY price increased by USD 88/MT (+3.8%) y-o-y,
supported by data showing that Q2 2021 grindings rose by 6% y-o-y.
The ICE NY Arabica futures price (three-month ahead) touched a 54-month high average value of Usc
158/Ib in June 2021. This represented respective growth of Usc 6.7/Ib (+4.4%) m-o-m and Usc
59.6/Ib (+60.6%) y-o-y. The benchmark continues to find support from improving demand, against
tight supply expectations. The market is braced for a large y-o-y shortfall from Brazil, the world's
largest producer, as it enters its 2021/22 biennial 'off-cycle' harvest.
The average monthly ICE European Robusta price hit a 30-month high of USD 1,631/MT in June 2021,
representing respective growth of USD 97.5/MT (+6.4%) m-o-m and USD 432.6/MT (+36.1%) y-o-y.
The rebound is attributed to supply concerns regarding a lack of shipping containers that limited
exports from Vietnam, the world's top robusta exporter. Vietnam's Statistics Office reported that
Vietnam's coffee exports fell by 97,536 tonnes (-12%) y-o-y to 715,263 tonnes during the first five
months of the year.