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Business

SOFTS-Sugar, coffee recover from sell-off, cocoa slips

  • March raw sugar rose 0.10 cents, or 0.7pc, to 13.94 cents per lb at 1057 GMT, after climbing to a 7-1/2 month peak of 14.55 cents on Monday before closing down 2.7pc.
13 Oct 2020

LONDON: Raw sugar futures recovered from the prior session's sell-off on Tuesday, while London cocoa hit its weakest in 1-1/2 months ahead of key third quarter demand data due later this week.

SUGAR

March raw sugar rose 0.10 cents, or 0.7pc, to 13.94 cents per lb at 1057 GMT, after climbing to a 7-1/2 month peak of 14.55 cents on Monday before closing down 2.7pc.

Rains are forecast in Brazil over the next couple of weeks, easing some concerns over prospects for the 2020/21 crop, but the market remains on edge over sugar exports from India.

Top producer India has yet to announce the extent to which it will subsidise sugar exports this season, with talk the decision could be delayed until early next month.

Dealers said Tuesday's sell-off had flushed out weak longs, adding funds are unlikely to start liquidating longs en masse while the market waits to hear what India's export policy will be.

Pakistan has issued a new international tender to purchase 50,000 tonnes of white sugar, European traders said.

December white sugar rose $3.50, or 0.9pc, to $386.10 a tonne.

COCOA

December London cocoa fell 20 pounds, or 1.2pc, to 1,653 pounds per tonne, having hit its lowest since late August at 1,652?.

Dealers are awaiting Thursday's third-quarter data on the European grind, a proxy for demand, after the second quarter grind fell 8.9pc year-on-year.

"The Malaysian grind was down 16pc. We'll see what the rest of them are. Economies have ongoing issues. GDP will be down considerably, that's usually a good indication of chocolate consumption," said a dealer.

December New York cocoa fell $23, or 0.9pc, to $2,421 a tonne.

COFFEE

December arabica coffee fell 0.15 cents, or 0.1pc, to $1.0900 per lb??, extending Monday's 2.2pc fall.

Rains should arrive in Brazil's coffee belt over the next 6-10 days, weather forecaster Maxar said. The forecast should ease concerns over prospects for top producer Brazil's 2020/21 coffee crop.

November robusta coffee fell $11, or 0.9pc, to $1,222 a tonne.