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Markets

Sugar extends rally, hitting highest in nearly four years

  • March raw sugar edged up 0.3% to 18.84 cents per lb.
  • May arabica coffee edged up 0.3% to $1.3530 per lb.
  • May London cocoa firmed by 0.1% to 1,839 pounds a tonne.
23 Feb 2021

Sugar extends rally, hitting highest in nearly four years

LONDON: White and raw sugar futures on ICE extended their rally on Tuesday, hitting their highest in nearly four years on tight supplies, a jump in energy prices and declining COVID-19 cases worldwide..

SUGAR

March raw sugar edged up 0.3% to 18.84 cents per lb at 1258 GMT, having touched its highest since March 2017 at 18.94. Raw sugar gained 7.5% last week.

Nearby supplies remain tight after a poor Thai crop and a global shipping container shortage that is hampering India's exports. At the same time, the macro environment continues to improve amid signs the COVID-19 vaccine roll out is starting to contain the virus.

Dealers said that prices are expected to fall back, though that should be short lived because funds are likely to see such a dip as another buying opportunity.

May white sugar lost 0.1% to $488 a tonne, having also reached its highest since March 2017 as it peaked at $490.10.

COFFEE

May arabica coffee edged up 0.3% to $1.3530 per lb, having hit its highest since December in the previous session, when it closed with a 4.5% gain after sharp falls in the Brazilian real currency.

The real aside, coffee is being boosted by worries over Brazil's forthcoming crop and global inflation expectations. Many investors see commodities as a hedge against inflation.

A shortage in global shipping container availability is also supporting prices.

May robusta coffee was up 1.1% at $1,431 a tonne after touching its highest since November.

COCOA

May London cocoa firmed by 0.1% to 1,839 pounds a tonne.

May New York cocoa edged up 0.1% to $2,492 a tonne.

Cocoa has been rangebound since December, trapped between forecasts of a large surplus and hopes for global economic recovery.

Dealers said cocoa looks cheap further down the curve because market balances could tighten in 2021/22.