LONDON: Raw sugar futures on ICE rose on Tuesday after hitting a near four-month low in the prior session, as top producer Brazil’s sugarcane crush data for early June came in short of estimates.
SUGAR
July raw sugar rose 1.4% to 18.56 cents per lb at 1407 GMT, after slumping to its weakest since March 1 at 18.20 cents on Monday.
Sugarcane crushing in Brazil’s center-south fell short of market estimates in the first half of June amid adverse weather, leaving sugar output at 2.14 million tonnes, a 3.8% drop from a year ago.
Also helping sugar, global shares and oil rose following China’s move to ease some quarantine requirements for international arrivals that raised expectations of stronger global growth.
In bearish news, however, India is considering allowing mills to ship out stocks of raw sugar that have piled up in ports and warehouses, trade and government sources said, weeks after the country imposed curbs on overseas sale of the sweetener.
August white sugar rose 1.8% to $551.80 a tonne.
COFFEE
September arabica coffee fell 1% to $2.1975 per lb, after slipping to a two-week low of $2.19 on Monday.
Dealers said there is no risk of crop-threatening cold in Brazil’s coffee areas over the next two weeks.
Arabica is being supported, however, by a steady fall in ICE-certified stocks and by a dearth of selling in top producer Brazil, where farmers expect local prices to rise further. September robusta coffee slipped 0.2% to $2,036 a tonne.
COCOA
September New York cocoa rose 0.5% to $2,421 a tonne. Cocoa arrivals at ports in top grower Ivory Coast reached around 1.970 million tonnes between Oct. 1 and June 26, down 4.9% from the same period last season, exporters estimated. Above-average rains last week in most of Ivory Coast’s cocoa regions were good for development of the upcoming main crop, but more moisture could be damaging, farmers said. September London cocoa rose 0.3% to 1,746 pounds per tonn.
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