Raw sugar prices ease, coffee and cocoa climb
- December arabica coffee rose by 1.10 cents, or 1%, to $1.0705 per lb.
- March New York cocoa was up $13, or 0.6%, at $2,331 a tonne.
LONDON: Raw sugar futures on ICE were slightly lower on Friday, extending the market's retreat from a more than eight-month high set earlier this week, while coffee and cocoa prices rose.
SUGAR
March raw sugar was down 0.05 cents, or 0.35%, at 14.43 cents per lb by 1154 GMT. Prices have fallen sharply after the front month rose to a peak of 15.23 cents on Tuesday, the highest since Feb. 25.
Dealers said there was follow-through selling after a weak close on Thursday while weakness in crude oil prices added to the downward pressure on prices.
They noted, however, the market continued to be underpinned by uncertainty over India's export policy.
December white sugar, which expires next Friday, was down $0.10, or 0.03%, at $389.80 a tonne.
The open interest for December stood at a large 24,313 lots as of Nov. 5, indicating a large delivery could be on the cards.
COFFEE
December arabica coffee rose by 1.10 cents, or 1%, to $1.0705 per lb.
Dealers said the market was supported partly by concerns that dry weather could contribute to a significant production decline in top grower Brazil next year, which is also an off-year in the country's biennial crop cycle.
Colombia produced 1.16 million 60kg bags of washed arabica coffee in October, the national coffee federation said on Thursday, down 15% from the same month last year.
January robusta coffee rose by $15, or 1.1%, to $1,354 a tonne.
COCOA
March New York cocoa was up $13, or 0.6%, at $2,331 a tonne.
Dealers said the market had been buoyed by disruptions to the flow of supplies in top grower Ivory Coast after a disputed presidential election.
Concerns that further lockdowns related to the COVID-19 pandemic could further curb demand kept a lid on prices.
March London cocoa rose by 8 pounds, or 0.5%, to 1,617 pounds a tonne.
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