AIRLINK 72.59 Increased By ▲ 3.39 (4.9%)
BOP 4.99 Increased By ▲ 0.09 (1.84%)
CNERGY 4.29 Increased By ▲ 0.03 (0.7%)
DFML 31.71 Increased By ▲ 0.46 (1.47%)
DGKC 80.90 Increased By ▲ 3.65 (4.72%)
FCCL 21.42 Increased By ▲ 1.42 (7.1%)
FFBL 35.19 Increased By ▲ 0.19 (0.54%)
FFL 9.33 Increased By ▲ 0.21 (2.3%)
GGL 9.82 Increased By ▲ 0.02 (0.2%)
HBL 112.40 Decreased By ▼ -0.36 (-0.32%)
HUBC 136.50 Increased By ▲ 3.46 (2.6%)
HUMNL 7.14 Increased By ▲ 0.19 (2.73%)
KEL 4.35 Increased By ▲ 0.12 (2.84%)
KOSM 4.35 Increased By ▲ 0.10 (2.35%)
MLCF 37.67 Increased By ▲ 1.07 (2.92%)
OGDC 137.75 Increased By ▲ 4.88 (3.67%)
PAEL 23.41 Increased By ▲ 0.77 (3.4%)
PIAA 24.55 Increased By ▲ 0.35 (1.45%)
PIBTL 6.63 Increased By ▲ 0.17 (2.63%)
PPL 125.05 Increased By ▲ 8.75 (7.52%)
PRL 26.99 Increased By ▲ 1.09 (4.21%)
PTC 13.32 Increased By ▲ 0.24 (1.83%)
SEARL 52.70 Increased By ▲ 0.70 (1.35%)
SNGP 70.80 Increased By ▲ 3.20 (4.73%)
SSGC 10.54 No Change ▼ 0.00 (0%)
TELE 8.33 Increased By ▲ 0.05 (0.6%)
TPLP 10.95 Increased By ▲ 0.15 (1.39%)
TRG 60.60 Increased By ▲ 1.31 (2.21%)
UNITY 25.10 Decreased By ▼ -0.03 (-0.12%)
WTL 1.28 Increased By ▲ 0.01 (0.79%)
BR100 7,566 Increased By 157.7 (2.13%)
BR30 24,786 Increased By 749.4 (3.12%)
KSE100 71,902 Increased By 1235.2 (1.75%)
KSE30 23,595 Increased By 371 (1.6%)

LONDON: Raw sugar futures on ICE rose to a 7-1/2 month high on Monday, boosted by fund buying against a backdrop of uncertainty about the extent to which India might subsidise exports in the current season, while cocoa prices also climbed.

March raw sugar was up 0.28 cents, or 1.9%, to 14.71 cents per lb at 1358 GMT, after setting a 7-1/2 month peak of 14.72 cents.

Dealers noted fund buying had helped to fuel the recent run-up, with weekly CFTC data showing a further increase in bullish bets.

The market was supported by the lack of an announcement from India on export subsidies for the 2020/21 season.

Analysts Green Pool said in note that India had exported a record 5.84 million tonnes in 2019/20, with the export subsidy level equating to six to seven cents per lb.

"India's Covid crisis is a major budget issue for government and perhaps the finance ministry is making the case that subsidies are wasteful," Green Pool said.

India needs to export 6 million tonnes of sugar in the 2020/21 marketing year started on Oct. 1 as production is set to jump on a higher planted area, a leading trade body said on Monday.

December white sugar rose by $5.50, or 1.4%, to $401.50 a tonne.

March London cocoa was up 25 pounds, or 1.5%, at 1,666 pounds a tonne, pulling away from an eight-week low of 1,627 pounds set on Friday.

Dealers were keeping a close watch on rising tensions in top grower Ivory Coast ahead of next week's presidential election. December New York cocoa was up $56, or 2.4%, at $2,417 a tonne.

December arabica coffee fell by 0.65 cents, or 0.6%, to $1.0660 per lb.

January robusta coffee rose by $1, or 0.1%, to $1,298 a tonne.

Comments

Comments are closed.