Raw sugar prices ease, arabica coffee edges up
- March New York cocoa was down $24, or 0.9%, at $2,536 a tonne.
- March arabica coffee rose a marginal 0.15 cents, or 0.1%, to $1.2350 per lb.
- March raw sugar was down 0.02 cents, or 0.1%, to 14.96 cents per lb.
LONDON: Raw sugar futures on ICE were slightly lower on Tuesday as rains in Brazil improved the outlook for cane crops, while arabica coffee edged up as industry buying emerged following a drop in prices in the previous session.
SUGAR
March raw sugar was down 0.02 cents, or 0.1%, to 14.96 cents per lb at 1226 GMT, slipping back further from the prior session's one-month high of 15.13 cents.
Dealers said favourable weather for crop development in Brazil should limit the scope for further gains following the market's recent run-up.
"Active rainfall in the Centre-South (of Brazil) this week will keep growth conditions improving," weather forecaster Maxar said in a daily sugar update issued late on Monday.
March white sugar rose $0.30, or 0.1%, to $408.90 a tonne.
COFFEE
March arabica coffee rose a marginal 0.15 cents, or 0.1%, to $1.2350 per lb with the market stabilising after falling by more than 2% in the prior session.
Dealers said industry buying had helped to stem the fall although concerns about weak demand linked to the COVID-19 pandemic remained a bearish influence.
March robusta coffee futures were down $9, or 0.65%, at $1,374 a tonne with the market adjusting to losses in arabica on Monday when the London-based robusta contract was closed for a UK public holiday.
COCOA
March New York cocoa was down $24, or 0.9%, at $2,536 a tonne.
Dealers noted the weather in Ivory Coast remained favourable for the mid-crop, potentially adding to already ample supplies, particularly given weakness in demand due to the COVID-19 pandemic.
March London cocoa fell 1 pound, or 0.1%, to 1,690 pounds a tonne.
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