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Markets

Raw sugar extends decline, robusta also weakens

  • March New York cocoa was up $13, or 0.5%, at $2,521 a tonne.
  • March robusta coffee was down $4, or 0.3%, at $1,305 a tonne.
  • March raw sugar fell 0.05 cents, or 0.3%, to 15.69 cents per lb.
Published January 26, 2021
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LONDON: Raw sugar futures on ICE fell to the lowest level in almost two weeks on Tuesday as rains in Brazil boosted cane growth in the world's top exporter while continued export sales by India ensured that supplies remained ample.

SUGAR

March raw sugar fell 0.05 cents, or 0.3%, to 15.69 cents per lb by 1320 GMT. The market earlier dipped to a low of 15.62 cents, its weakest since Jan. 13.

Dealers said funds have been scaling back long positions during the recent decline with support around 15.50 cents likely to be tested in the near future.

A poor crop in Thailand has, however, provided some support.

March white sugar fell $1, or 0.2%, to $444.20 a tonne.

COFFEE

March robusta coffee was down $4, or 0.3%, at $1,305 a tonne.

Dealers said the market had been weighed down by selling by farmers in top robusta producer Vietnam ahead of next month's Tet holiday.

March arabica coffee rose 0.7 cents, or 0.6%, to $1.24 per lb, boosted partly by a strengthening in Brazil's real currency.

A stronger real reduces dollar-denominated prices in local currency terms in Brazil and can deter producer selling.

COCOA

March New York cocoa was up $13, or 0.5%, at $2,521 a tonne.

Dealers said the comparatively slow pace of port arrivals in top grower Ivory Coast provided some support, although the outlook for the upcoming mid-crop remains favourable and there remain concerns about a large volume of unsold supplies in the West African country.

March London cocoa fell 4 pounds, or 0.2%, to 1,716 pounds a tonne.

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