LONDON: Raw sugar futures on ICE hit a one-year high, rising above 17 cents on Wednesday amid persistent concerns over adverse weather, while arabica coffee was near a three-week peak, given dwindling stocks and the fallout from Colombia’s earthquake.
SUGAR: Raw sugar rose 0.4 percent to 16.78 cents per lb at 1456 GMT, after having hit its highest since June 2025 at 17.11 cents.
Rabobank said the market is concerned that lost harvesting days in top grower Brazil in June and partly in July have increased the risks that more sugarcane will be left unharvested.
The lost harvesting is due to excess rains linked to the El Nino weather pattern, which industry participants say is also harming the sugar content in Brazilian cane. In addition, the market is nervous ahead of this Thursday’s update from the US weather forecaster on El Nino, Rabobank said, noting also that rainfall in No. 2 grower India remains 11.7 percent below normal due to the weather pattern.
White sugar rose 0.7 percent to USD514.90 a metric ton, having hit its highest since April 2025 at USD520.90.
COFFEE: ICE arabica coffee rose 1.1 percent to USD3.1930 per lb after hitting a three-week peak of USD3.2755 per lb on Tuesday.
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