Raw sugar prices weaken ahead of Brazil harvest data

LONDON: Raw sugar futures on ICE were slightly lower on Thursday in a modest retreat after rising for three straight sessions as the market awaited the release of Brazilian harvest data.

Coffee and New York cocoa prices also eased while a weak pound underpinned London cocoa.

SUGAR

July raw sugar fell 0.08 cent, or 0.5 percent, to 15.76 cents per lb by 1134 GMT. The front month contract had risen by 2.6 percent on Wednesday.

Dealers said harvest data for centre-south Brazil was due to be issued by growers' association UNICA around 1300 GMT on Thursday covering the second half of April.

An S&P Global Platts survey of analysts said the crush was expected to have been 26 million tonnes, down 28 percent, year-on-year.

India, the world's biggest sugar consumer, has no plans to allow extra imports of the sweetener as stocks lying in mills will suffice, Food Minister Ram Vilas Paswan said.

Wilmar's sugar segment recorded a loss of $34.5 million in its first quarter results "mainly due to seasonal maintenance in the first half of the year by the Australian Milling business and weaker performances from both the merchandising and refining businesses."

The Singapore-based commodity trader said in a statement "recent volatility in sugar prices is expected to impact our sugar operations."

August white sugar was off $2.40, or 0.5 percent, at $451.10 per tonne.

COFFEE

July robusta coffee fell $1, or 0.05 percent, to$2,013 a tonne.

Dealers said nearby supplies appeared ample and demand in the physical market was currently sluggish.

Asian coffee export markets were quiet this week as Indonesia is on holiday while premiums in Vietnam edged lower on weak demand, traders said.

July arabica coffee fell 0.35 cents, or 0.3 percent, to $1.3630 per lb.

COCOA

July London cocoa was unchanged at 1,529 pounds a tonne.

Dealers said the market continued to be weighed down by excess supplies but the weakness of sterling helped to underpin prices in London.

July New York cocoa was down $6, or 0.3 percent, at $1,948 a tonne.