White sugar edges higher, London cocoa also up
- May white sugar rose by $2.20, or 0.5%, to $454.80 a tonne.
- May London cocoa rose by 16 pounds, or 1.0%, to 1,665 pounds a tonne.
- May robusta coffee was down $3, or 0.2%, at $1,364 a tonne.
White sugar edges higher, London cocoa also up
LONDON: White sugar futures on ICE edged higher on Monday, boosted by gains in global equity markets and crude oil, while London cocoa prices also rose.
Raw sugar, arabica coffee and New York cocoa contracts were closed on Monday for the US Presidents' Day holiday.
SUGAR
May white sugar rose by $2.20, or 0.5%, to $454.80 a tonne by 1237 GMT.
Dealers said the market may have temporarily lost upward momentum after climbing to their highest level in nearly four years last week.
"The market continues to receive more bullish news than bearish, and the deep fundamentals of the market continue to seem to us to be bullish, or even very bullish. But maybe the flat price and the spreads have done enough for the time being. The market action feels a little weary," Marex Financial analyst Robin Shaw said in a note.
A total of 511,750 tonnes of white sugar has been tendered against the March contract on ICE Futures Europe, exchange data showed on Monday.
COCOA
May London cocoa rose by 16 pounds, or 1.0%, to 1,665 pounds a tonne, climbing up towards the middle of this month's range for the contract of 1,643 to 1,700 pounds.
Dealers said the prospect for a substantial global surplus in the 2021/22 season should, however, keep a lid on prices.
Ghana's graded and sealed (G&S) cocoa arrivals stood at 647,137 tonnes by Jan. 21 since the start of this year's harvest on Oct. 1, up 4.3% from 620,578 tonnes the previous season, figures from Ghana cocoa marketing board COCOBOD showed on Monday.
COFFEE
May robusta coffee was down $3, or 0.2%, at $1,364 a tonne.
Dealers said Tet celebrations in top robusta producer Vietnam along with the US holiday helped to diminish activity.
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