LONDON: Raw sugar futures on ICE rose on Thursday, boosted by broad-based gains in many financial markets after the US Federal Reserve raised interest rates less aggressively than some had feared.
SUGAR
July raw sugar rose 0.4% to 18.69 cents per lb by 1442 GMT.
Dealers said the strong pace of exports from India should, however, help to keep a lid on prices.
Indian mills have signed contracts to export 8.2 million to 8.3 million tonnes of sugar in the current year without government subsidies, a leading trade body said on Thursday.
The market was also awaiting a clearer indication on the outlook for the cane harvest in Centre-South Brazil after a slow start.
August white sugar rose 0.7% to $520.60 a tonne.
COFFEE
July robusta coffee rose 0.3% to $2,143 a tonne after peaking at a five-week high of $2,159.
Dealers said supplies were tightening in top robusta producer Vietnam, though the robusta harvest in Brazil is beginning to pick up pace.
July arabica coffee rose 0.4% to $2.2175 per lb.
COCOA
July New York cocoa fell 2.5% to $2,515 a tonne.
Dealers said concerns that demand would be dented by conflict in Ukraine and lockdowns in China continued to weigh on prices.
July London cocoa fell 0.8% to 1,804 pounds a tonne with the weakness of sterling helping to limit losses.
Comments
Comments are closed for this article.