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Markets

Raw sugar slips as dollar consolidates losses; coffee gains

  • March raw sugar was down 0.2pc to 14.65 cents per lb at 1156 GMT, having earlier hit a one week high of 14.76.
Published December 18, 2020

LONDON: Raw sugar futures on ICE slipped on Friday as the dollar consolidated its recent losses, with traders on the sidelines in quiet end-of-year trade that is expected ultimately to leave the market range-bound.

Coffee and cocoa edged higher, meanwhile.

SUGAR

March raw sugar was down 0.2pc to 14.65 cents per lb at 1156 GMT, having earlier hit a one week high of 14.76.

Indian sugar exporters are expected to try to quickly secure sales after the government approved a subsidy programme for up to 6 million tonnes on Wednesday.

Dealers said the market had priced in the Indian news and was firmly range bound between 13.50 and 15.50 cents, though investor flows into commodities as a hedge against inflation was something to watch next year.

The dollar edged up, consolidating its losses versus a currency basket after a week of declines that pushed it to its lowest in two and a half years.

A stronger dollar makes dollar-priced commodities like sugar costlier for non-U.S. investors.

"Looking ahead to 2020/21, we anticipate a 0.3 million tonne deficit, as production increases are being offset by a 1.7pc recovery in global consumption," said Rabobank in a note.

March white sugar slipped 0.1pc to $402.70 a tonne.

COFFEE

March arabica coffee rose 0.9pc to $1.2770 per lb, holding on to recent gains that took futures to a 3-month top.

Dealers said the market might have topped out for now, though data showing a decline in U.S. green coffee stocks to the lowest level in 5 years was keeping coffee firmly underpinned.

March robusta coffee futures were up $9, or 0.6pc, at $1,387 a tonne.

COCOA

March London cocoa fell 0.2pc to 1,653 pounds per tonne?, having hit its lowest in a month on Thursday.

March New York cocoa ??dipped 0.1pc to $2,493 a tonne.

Cocoa is coming under pressure from improving crop prospects in top producer Ivory Coast, though dealers said speculators seem keen to push New York higher whenever the dollar weakens.

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