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Markets Print edition: 2020-09-03

Sugar, coffee prices weaken

Published Updated
By

LONDON: Raw sugar futures on ICE were lower on Wednesday, weighed partly by a stronger dollar, while coffee and New York cocoa prices also fell.

Sterling-denominated London cocoa bucked the downward trend and climbed to a three-month high.

October raw sugar slipped 0.12 cent, or 0.95%, to 12.48 cents per lb by 1405 GMT.

Dealers noted the weather remained favourable for crops in India although there were concerns that the spread of Covid-19 could disrupt the harvest.

"The significant production expected could be jeopardised in the event of a rapid spread of the coronavirus," analysts Agritel said in a note.

The International Sugar Organization on Tuesday forecast production in India would climb to 31.5 million tonnes in 2020/21, up from the prior season's 27.2 million.

October white sugar fell $2.40, or 0.7%, to $360.10 a tonne.

December London cocoa was up 14 pounds, or 0.8%, at 1,802 pounds per tonne? after climbing to a three-month peak of 1,805 pounds.

December New York cocoa fell $11, or 0.4%, to $2,655 per tonne, slipping slightly from the prior session's seven-month high of $2,684.

December arabica coffee fell 1.05 cents, or 0.8%, to $1.3035 per lb, retreating from the prior session's eight-month high of $1.3270.

November robusta coffee fell $16, or 1.1%, to $1,447 a tonne.

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