LONDON: Raw sugar futures rose on Friday but posted weekly losses, weighed down partly by an improving outlook for cane crops in India following strong monsoon rains.
SUGAR
October raw sugar gained 0.8% to settle at 18.03 cents per lb. On a weekly basis, the market posted losses of 2.4%. Analyst BMI said in a note that abundant Brazilian supplies had consistently pressured global prices, while an improving crop in India had also weighed on the market.
“Favourable weather forecasts and reports from the Indian Sugar and Bio-Energy Manufacturers Association indicate sufficient stocks to support domestic ethanol production and resume exports, further depressing global prices,” BMI said.
October white sugar rose 0.7% to settle at $516.70 a metric ton on Friday, but fell 1.8% on the week.
COFFEE
December arabica coffee settled up 2.5% at $2.441 per lb, gaining about 6% week-over-week. Dealers said light frosts in some parts of Brazil during the last few days had heightened concerns about next year’s crop, while drier-than-normal weather has also dented the outlook.
Brazil’s 2024/25 coffee harvest reached an estimated 96% of the crop as of last Tuesday, consultancy Safras & Mercado said on Friday. November robusta coffee settled up 1.7% at $4,452 a ton, with supplies in top robusta producer Vietnam remaining tight.
COCOA
December New York cocoa settled up 2% at $7,087 a ton, but lost 4% on the week. Dealers said the prospect of a rebound in production in West Africa in the upcoming 2024/25 season had exerted downward pressure on prices. December London cocoa settled up 1.2% to 5,386 pounds per ton.
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