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Markets

Arabica coffee gains 3.6pc in the week; raw sugar flat

  • Arabica coffee gained 3.6% in the week while London cocoa lost more than 8% in the period.
  • March New York cocoa lost $35 to $2,506 a tonne.
  • March white sugar fell $5.10 to $398.30 a tonne.
Published December 19, 2020

NEW YORK/LONDON: Raw sugar futures closed down 1.6% on ICE to end the week at the exact same point where they started it, as the uncertainty about US coronavirus relief legislation and a high global number of coronavirus cases weighed on sentiment on Friday.

Arabica coffee gained 3.6% in the week while London cocoa lost more than 8% in the period.

SUGAR

March raw sugar closed down 1.6% to 14.44 cents per lb, only 1 cent above where the market started trading on Monday.

Sugar futures did hit a one-week high of 14.76 cents earlier in the session on Friday, but negative macro news with the political uncertainty in the United States and rising COVID-19 cases had a negative impact later.

Dealers said the market had priced in 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.

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

March white sugar fell $5.10 to $398.30 a tonne.

COFFEE

March arabica coffee settled down 1.35 cents, or 1.1%, at $1.2525 per lb, having hit a three-month top earlier this week.

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

Arabica closed the week 3.6% up despite upward revisions during this week for the Brazilian 2020 crop.

March robusta coffee settled down $7, or 0.5%, at $1,380 a tonne.

COCOA

March London cocoa settled down 8 pounds, or 0.5%, to 1,685 pounds per tonne, adding to a negative week for the chocolate-making ingredient. London cocoa lost 8% in the week.

March New York cocoa lost $35 to $2,506 a tonne.

Cocoa is coming under pressure from improving crop prospects in top producer Ivory Coast, while the outlook for demand continues weak amid the pandemic.

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