AGL 6.90 Increased By ▲ 0.45 (6.98%)
ANL 9.77 Increased By ▲ 0.07 (0.72%)
AVN 76.82 Decreased By ▼ -0.78 (-1.01%)
BOP 5.49 Increased By ▲ 0.06 (1.1%)
CNERGY 5.05 Increased By ▲ 0.08 (1.61%)
EFERT 79.83 Increased By ▲ 2.58 (3.34%)
EPCL 57.48 Increased By ▲ 1.99 (3.59%)
FCCL 15.30 Decreased By ▼ -0.06 (-0.39%)
FFL 6.48 No Change ▼ 0.00 (0%)
FLYNG 7.34 Decreased By ▼ -0.13 (-1.74%)
GGGL 10.75 Increased By ▲ 0.30 (2.87%)
GGL 16.94 Increased By ▲ 0.55 (3.36%)
GTECH 8.30 Decreased By ▼ -0.07 (-0.84%)
HUMNL 6.45 No Change ▼ 0.00 (0%)
KEL 3.02 Increased By ▲ 0.09 (3.07%)
LOTCHEM 29.15 Increased By ▲ 0.81 (2.86%)
MLCF 28.30 Increased By ▲ 0.22 (0.78%)
OGDC 76.53 Increased By ▲ 2.68 (3.63%)
PAEL 15.87 Increased By ▲ 0.32 (2.06%)
PIBTL 5.43 Increased By ▲ 0.08 (1.5%)
PRL 17.69 Increased By ▲ 0.30 (1.73%)
SILK 1.08 Increased By ▲ 0.01 (0.93%)
TELE 10.82 Decreased By ▼ -0.14 (-1.28%)
TPL 8.60 Increased By ▲ 0.79 (10.12%)
TPLP 21.19 Increased By ▲ 1.53 (7.78%)
TREET 23.80 Decreased By ▼ -0.05 (-0.21%)
TRG 127.50 Increased By ▲ 0.60 (0.47%)
UNITY 23.10 Increased By ▲ 0.04 (0.17%)
WAVES 11.63 Increased By ▲ 0.08 (0.69%)
WTL 1.14 No Change ▼ 0.00 (0%)
BR100 4,174 Increased By 48.3 (1.17%)
BR30 15,806 Increased By 310.9 (2.01%)
KSE100 41,518 Increased By 366.7 (0.89%)
KSE30 15,562 Increased By 142.1 (0.92%)
Markets

Raw sugar recovers from previous session's 4pc plunge

  • March raw sugar rose 1% to 15.77 cents per lb.
  • March arabica coffee fell 1.4% to $1.2130 per lb.
  • March New York cocoa fell 0.6% to $2,474 a tonne .
Published January 8, 2021
Follow us

LONDON: Raw sugar futures on ICE recovered on Friday as the market rebounded from the previous session's 4% plunge, with more gains likely thanks to continued fund appetite for commodities.

SUGAR

March raw sugar rose 1% to 15.77 cents per lb by 1308 GMT. It had closed with a 4% loss on Thursday after touching a 3-1/2 year peak of 16.33 cents.

Dealers said the market is consolidating before attempting another move higher as funds continue to bet on a global economic recovery and are broadly optimistic about agricultural commodities, especially those with tightening supplies.

They added, however, that exports from India, a top producer, will cap the expected rally.

Indian sugar mills are aggressively signing export contracts after New Delhi approved a subsidy for overseas sales and as global prices hit their highest in 3-1/2 years.

Sugar supplies are expected to remain tight at least until April, when output in top producer Brazil may start to pick up.

March white sugar rose 0.7% to $435.90 a tonne.

COFFEE

March arabica coffee fell 1.4% to $1.2130 per lb after hitting its lowest in nearly a month.

Rising certified exchange stocks and renewed weakness in Brazil's real currency are weighing on coffee.

March robusta coffee fell 1.3% to $1,319 a tonne, having slipped to its lowest in nearly a month.

COCOA

March New York cocoa fell 0.6% to $2,474 a tonne under pressure from worries over weakening demand because of coronavirus lockdowns.

Top cocoa producer Ivory Coast exported 177,293 tonnes of raw cocoa beans from the start of October to end of November last year, down 24.1% from a year earlier.

Ivory Coast's exports of semi-finished cocoa products for the same period rose about 38.2% year on year to 79,149 tonnes.

March London cocoa fell 0.8% to 1,642 pounds a tonne.

Comments

Comments are closed.