LONDON: Raw sugar futures on ICE were lower on Thursday, pressured partly by renewed weakness in crude oil prices, while coffee and cocoa prices rose. October raw sugar was down 0.13 cent, or 1.1%, at 11.90 cents per lb by 1425 GMT.
Dealers said strong production in Brazil was keeping the market well supplied while the prospect of more subsidized exports from India in the 2020/21 season was also contributing to a bearish outlook on fundamentals. October white sugar fell $3.00, or 0.8%, to $355 a tonne.
December arabica coffee rose 3.65 cents, or 2.8%, to $1.3250 per lb, climbing back up towards an 8-month high of $1.34 set on Sept. 4. The market continued to draw support from low exchange stocks, which remain around a 20-year low.
Brazil's 2020 coffee crop estimate was revised up to 59.6 million 60-kg bags from a forecast of 59 million bags in August, according to government statistics agency IBGE on Thursday. November robusta coffee rose $17, or 1.2%, to $1,433 a tonne. December London cocoa was up 20 pounds, or 1.1%, at 1,800 pounds per tonne. December New York cocoa was up $15, or 0.6%, at $2,577 a tonne.
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