Coffee Posts Gains as Sugar, Cocoa Decline
Coffee gained on Tuesday after roasters took advantage of a two-day, 12 percent price decline to replenish stockpiles.
Robusta for May delivery increased by 0.6 percent or $15 to $2,455 a metric ton on Liffe exchange.
Commodities declined yesterday on concerns that recession will reduce demand for raw materials.
Global coffee production was forecasted to be 117.8 million bags, by September, compared with 125.6 million bags last season.
The International Coffee organization forecasted global coffee consumption to increase to 125 million bags this year, higher than 123 million bags last year.
Cocoa for May delivery declined by 3.2 percent, or 45 pounds, to 1,367 pounds ($2,757) a ton on Liffe exchange.
White sugar for May delivery increased by 1.6 percent or $5.30 to $333.20 a ton.
India, the world's second largest sugar producer was forecasted to produce 1 million tons less this year.
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