NEW YORK/LONDON, Feb 8 (Reuters) - Arabica coffee on ICE rose 3% on Tuesday, touching the $2.50 per pound mark, boosted by a further decline in exchange stocks that drove the certified inventory to the lowest level in more than 20 years.
COFFEE
* March arabica coffee settled up 7.3 cents, or 3.0%, at $2.4895 per lb. The contract was just shy of a 10-year peak during the session.
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* Certified ICE arabica stocks fell to 1.06 million bags on Tuesday, their lowest volume for the last 20 years and down sharply from 1.54 million bags at the end of 2021.
* "The narrative is still declining stocks and doubt about how many years of deficit we are confronting. With COVID moving into the endemic phase and palpable demand building, it's really hard to believe that we have seen the highs," Cardiff Coffee Trading said in a market update.
* May robusta coffee rose $16, or 0.7%, at $2,234 a tonne, deriving support from the rally in arabica prices.
* Traders are planning to deliver thousands of tonnes of robusta coffee from Asia to the ICE exchange in Europe for the first time in more than three years - a move likely to take the heat out of benchmark prices that are near 10-year peaks. read more
SUGAR
* March raw sugar settled up 0.03 cents, or 0.2%, at 18.08 cents per lb, as the market seems locked in a range.
* Raw sugar is forecast to end this year with an annual loss of nearly 6%, with the global market set to shift into a surplus in the 2022/23 season, a Reuters poll showed.
* March white sugar , which expires on Friday, rose $6.70, or 1.4%, at $499.60 a tonne, while the May contract gained $1.40, or 0.3%, at $483.00 a tonne.
* News that the Philippines was seeking to import 200,000 tonnes of white sugar helped to underpin prices.
COCOA
* May New York cocoa rose $40, or 1.5%, to $2,725 a tonne, trading during the session near the highest prices since October.
* Ghana's graded and sealed (G&S) cocoa arrivals reached 383,000 tonnes by Jan. 27 since the start of this year's harvest on Oct. 1, down 44% from 681,000 tonnes in same period of the previous season.
* May London cocoa rose 12 pounds, or 0.7%, to 1,807 pounds per tonne.
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Reporting by Marcelo Teixeira, Nigel Hunt and Maytaal Angel; Editing by Kirsten Donovan and Marguerita Choy
Our Standards: The Thomson Reuters Trust Principles.
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