LONDON: ICE raw sugar was rangebound on Thursday with the outcome of Tuesday's US presidential election yet to be declared and as traders continued to await news on India's sugar export policy. March raw sugar was flat at 14.65 cents per lb at 1241 GMT, after touching an eight-month peak of 15.23 cents on Tuesday.
Dealers said they were moving to the sidelines, awaiting news from the US and India, a top sugar producer, where the government has delayed a decision on this season's sugar export subsidies. World stock markets climbed as Democrat Joe Biden inched closer to winning the White House, though with the Democrats unlikely to win the Senate, investors are wagering on a policy gridlock that would prevent greater regulation.
Underpinning sugar, the dollar was on course for its biggest three-day losing streak, making dollar-priced commodities like sugar, coffee and New York cocoa cheaper for non-US investors. December white sugar was flat at $391.80 a tonne.
March New York cocoa rose $16, or 0.7%, to $2,304 a tonne.
Cocoa arrivals at ports in Ivory Coast fell this week because of a violent political standoff following a disputed presidential election in the world's top growing nation, exporters said. The delivery of cocoa to Abidjan and San Pedro ports between Monday and Wednesday was estimated at 29,000 tonnes, compared with 62,000 tonnes during the same period last week.
March London cocoa edged down 1 pound, or 0.1%, to 1,604 pounds per tonne. December arabica coffee rose 1.7 cent, or 1.6%, to $1.0465 per lb, having hit a three-month low on Monday. Coffee is coming under pressure from coronavirus lockdowns, which are weighing on demand in the out-of-home sector. ICE coffee stocks are meanwhile rising up off recent 20-year lows. January robusta coffee rose $21, or 1.6%, to $1,334 a tonne.
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