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Markets

SOFTS-Raw sugar hits 4-1/2 month high, coffee also climbs

  • The dollar extended its dramatic fall on Friday, putting it on course for its biggest monthly drop in a decade.
Published July 31, 2020

LONDON: Raw sugar futures on ICE climbed to a 4-1/2 month high on Friday supported by a diminishing outlook for production in Thailand and gains in many other dollar-denominated commodity markets driven partly by the weakness of the US currency.

The dollar extended its dramatic fall on Friday, putting it on course for its biggest monthly drop in a decade.

SUGAR

October raw sugar ??rose 0.33 cents, or 2.7pc, to 12.44 cents per lb by 1320 GMT after peaking at 12.47 cents, the highest since March 11.

Dealers said drought was set to curtail production in Thailand, helping to at least partially offset a strong increase in output in Brazil.

"With less Thai raws becoming available early next year, the market looks substantially less crowded by the extra sugar from Brazil," Commonwealth Bank of Australia analyst Tobin Gorey said in a note.

Traders and analysts participating in a Reuters poll issued on Friday saw production in the key Centre-South region of Brazil rising sharply in 2020/21 leading to a global surplus of the sweetener.

October white sugar rose $11.0, or 3.0pc, to $379.20 per tonne.

COFFEE

September robusta coffee was $10, or 0.75pc, higher at $1,350 a tonne

Dealers said the market derived support from concerns about potential supply disruption in top robusta producer Vietnam which is scrambling to contain a new coronavirus outbreak.

Vietnam recorded its first death from COVID-19 on Friday after winning plaudits worldwide for one of the most successful national responses to the pandemic.

September arabica coffee rose 1.55 cents, or 1.3pc, to $1.1690 per lb??,

COCOA

December London cocoa rose 11 pounds, or 0.7pc, to 1,628 pounds per tonne.

September New York cocoa rose $37, or 1.6pc, to $2,381 a tonne.

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