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Markets Print edition: 2019-11-06

Raw sugar hits near one-month high

Published Updated

Raw sugar prices on ICE hit their highest in nearly a month on Tuesday but remained within recent ranges overall. Arabica coffee and cocoa prices steadied, meanwhile.

March raw sugar was up 0.17 cents, or 1.4%, at 12.68 cents per lb at 1510 GMT, having hit its highest since early October at 12.70.

The market remains range-bound overall, with the prospect of a global sugar deficit underpinning prices, but with high stocks keeping the upside at bay.

December white sugar rose $3.50, or 1%, to $347.60 a tonne, having hit its highest since late February at $350.

March London cocoa was down 2 pounds, or 0.1%, at 1,839 pounds a tonne, having hit a six-week low of 1,805 on Friday.

March New York cocoa dipped $6, or 0.2%, to $2,480 a tonne, after hitting a 3-1/2 week low on Friday.

Cocoa prices have come under pressure in recent weeks from a strong start to the main-crop season in Ivory Coast.

Cocoa arrivals at ports in Ivory Coast reached 362,000 tonnes between Oct. 1 and Nov. 3, up around 8.7% from last season.

December arabica coffee was up 0.2 cents, or 0.2%, at 103.85 cents per lb, after striking a three-month peak of 104.75 on Monday as shorts dashed for cover. ICE arabica coffee speculators decreased their net short position in the week to Oct. 29 by 4,597 contracts to 50,777, data showed Friday. January robusta coffee fell $2, or 0.2%, to $1,304 a tonne.

Copyright Reuters, 2019

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