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Markets

Raw sugar falls, but losses limited by tight supplies

  • May raw sugar was down 0.9% to 16.21 cents per lb .
  • May arabica coffee fell 0.7% to $1.3145 per lb, having gained 1.1% on Thursday.
  • May London cocoa was flat at 1,777 pounds per tonne.
12 Mar, 2021

LONDON: Raw sugar prices fell on Friday amid risk-off sentiment in wider financial markets and a stronger dollar, though near term supply tightness limited losses.

SUGAR

May raw sugar was down 0.9% to 16.21 cents per lb at 1150 GMT, having gained 2.4% on Thursday.

Dealers said sugar was consolidating and should remain range bound between 16 and 16.50 cents near term, underpinned by a poor harvest in Thailand, slow Indian exports and uncertainty over the upcoming Brazilian crop.

Sugar's upside is capped by widespread bets the market will eventually move into surplus this year.

May white sugar fell 0.7% to $460 a tonne, having gained 2.2% on Thursday.

COFFEE

May arabica coffee fell 0.7% to $1.3145 per lb, having gained 1.1% on Thursday.

Brazil's real currency has recovered after its recent fall to a 10-month low against the dollar.

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

A weak real has led coffee prices to slip back steadily after hitting a one year high in late February on concerns over the upcoming Brazilian crop.

May robusta coffee fell 0.9% to $1,406 a tonne.

COCOA

May London cocoa was flat at 1,777 pounds per tonne.

May New York cocoa fell 0.8% to $2,572 a tonne.

Cocoa prices are steadying after hitting three month highs in early March on technically driven fund buying. Fundamentals remain bearish, however, with a global surplus forecast for the current season.

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