Raw sugar edges higher; cocoa, coffee also climb
- May arabica coffee fell 0.1% to $1.2490 per lb.
- May New York cocoa rose 0.7% at $2,446 a tonne.
- March raw sugar rose 0.4% to 16.50 cents per lb.
LONDON: Raw sugar futures on ICE rose on Tuesday, buoyed by a supportive macroeconomic backdrop and nearby supply tightness.
Cocoa and coffee also gained.
SUGAR
March raw sugar rose 0.4% to 16.50 cents per lb at 1124 GMT.
Dealers said nearby supplies were tightening with, most recently, downgrades to the production outlook in India and Thailand.
Vietnam plans to impose anti-dumping duties on raw sugar that originates in Thailand, claiming soaring imports are undermining its domestic sugar industry.
March white sugar, which expires on Friday, rose 0.3% to $476.60 per tonne. It hit a peak of $479.70 on Monday, its highest since April 2017.
Dealers said a delivery of around 400,000 tonnes of white sugar was expected against the March contract as buyers head to the exchange to source spare supply.
COCOA
May New York cocoa rose 0.7% at $2,446 a tonne.
Cocoa has been rangebound since December, underpinned by risk appetite in the wider financial markets and better than expected demand data, but held back by worries over excess supplies.
March London cocoa edged up 0.4% to 1,761 pounds per tonne.
COFFEE
May arabica coffee fell 0.1% to $1.2490 per lb, held back by the weakness in the currency of top arabica producer Brazil
May robusta coffee rose 0.7% to $1,375 a tonne, having earlier hit its highest since early January.
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