LONDON: Raw sugar futures slipped on Friday as the market consolidated after setting a seven-month top in the previous session, while arabica coffee rose, edging further away from last week's two month low.
March raw sugar was down 0.01 cent, or 0.1%, to 14.16 cents per lb at 1339 GMT, after reaching 14.24 cents on Thursday, the highest since March 2. Lower sugar production in Thailand, Russia and the European Union, coupled with an expected demand recovery, will result in a deficit of 2.2 million tonnes of sugar in the 2020-21 season, broker and analyst StoneX said.
December white sugar fell $1.10, or 0.3%, to $384.70 a tonne. The United States Department of Agriculture has revised down its forecast for 2019/20 Thai sugar exports to 7 million tonnes, and lowered its 2020/21 exports forecasts to 7.25 million. December arabica coffee rose 1.4 cent, or 1.2%, to $1.1160 per lb, continuing to recover after a two-month low set last week. Arabica is gaining support from worries over dry weather in Brazil.
November robusta coffee rose $5, or 0.4%, to $1,256 a tonne. December London cocoa fell 28 pounds, or 1.6%, to 1,684 pounds per tonne. December New York cocoa fell $47, or 1.9%, to $2,425 a tonne.
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