SOFTS-Raw sugar edges higher, coffee and cocoa ease

LONDON: Raw sugar futures on ICE edged higher on Thursday, moving towards the upper end of the recent range, while coffee and cocoa prices fell.

SUGAR

October raw sugar rose 0.04 cent, or 0.3pc, to 12.88 cents per lb by 1025 GMT??, edging back towards a five-month high of 13.00 cents hit late last week.

Dealers noted the market had been holding in a range of around 12.50 to 13.00 cents since mid-July but could retest resistance at the top of that band in the near future as speculators extend a net long position.

Supportive factors include the prospect of a further drop in production in Thailand in the 2020/21 season and recent demand from Pakistan and China.

October white sugar rose $3.10, or 0.8pc, to $378.30 a tonne.

COFFEE

December arabica coffee fell 0.45 cents, or 0.4pc, to $1.1380 per lb.

The market had fallen back sharply from last week's 4-1/2 month peak of $1.2890, weighed by a weak Brazilian real and a bumper harvest in the South American country.

November robusta coffee fell $2, or 0.15pc, to $1,340 a tonne.

Dealers continued to keep a close watch on the spread of COVID-19 in top robusta producer Vietnam amid concerns it could disrupt the flow of supplies.

Vietnam's domestic coffee prices were flat this week as trading activity was impacted by low stocks and coronavirus lockdowns in some parts of the coffee-growing areas, traders said on Thursday.

COCOA

December New York cocoa?? fell $4, or 0.2pc, to $2,461 a tonne as the market continued to consolidate after retreating from a five-month high of $2,535 set on Monday.

The prospect of increased production in top growers Ivory Coast and Ghana in the upcoming 2020/21 season, which starts on Oct. 1, remained a bearish influence.

December London cocoa fell 12 pounds, or 0.7pc, to 1,685 pounds per tonne?.