Raw sugar recovers but remains in range, awaiting India news
- March raw sugar rose 0.24 cents, or 1.7%, to 14.73 cents per lb.
- December arabica coffee rose 1.1 cents, or 1%, to $1.1020 per lb.
- March New York cocoa fell $19, or 0.8%, to $2,355 a tonne,
LONDON: ICE raw sugar prices rose 2% on Thursday but remained firmed within recent ranges, as traders awaited news from India on its sugar export policy.
SUGAR
March raw sugar rose 0.24 cents, or 1.7%, to 14.73 cents per lb at 1139 GMT, reversing three consecutive days of losses.
India, a top sugar producer, is reportedly targeting sugar exports of 6 million tonnes this season, and dealers said while the country's sugar export subsidies will likely be lower than last season, they should not be insignificant.
Ahead of the news, the market will likely consolidate within the range seen since end-October, they added.
December white sugar, which expires on Friday, rose $5, or 1.3%, to $402.40.
COFFEE
December arabica coffee rose 1.1 cents, or 1%, to $1.1020 per lb.
Brazil exported 4.1 million bags of coffee in October, including green, soluble and roasted coffee, 11.5% more than in the same period last year, a historical record for the month, according to Cecafe, a trade group.
January robusta coffee rose $9, or 0.7%, to $1,402 a tonne.
Fresh coffee supply from Vietnam's 2020/21 robusta harvest is yet to pick up as heavy rains in key growing areas triggered by storms over the past month disrupted cherry picking, traders said.
COCOA
March New York cocoa fell $19, or 0.8%, to $2,355 a tonne, following gains in the prior session.
Barry Callebaut, the world's largest chocolate maker, said on Wednesday sales volumes recovered in the final quarter of its fiscal year to August, after slumping because of the COVID-19 pandemic. It added solid financials supported its confidence in its mid-term guidance.
March London cocoa fell 13 pounds, or 0.8%, to 1,598 pounds per tonne.
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