Raw sugar futures rise, coffee also climbs
- May raw sugar rose by 0.08 cents, or 0.5%, to 15.17 cents per lb.
- May arabica coffee rose by 2.05 cents, or 1.6%, to $1.2865 per lb. The contract dipped to a low of $1.2520 on Thursday, its weakest since Feb. 17.
LONDON: Raw sugar futures on ICE were higher on Friday, buoyed by a broad-based rebound in financial markets, while coffee prices also rose.
SUGAR
May raw sugar rose by 0.08 cents, or 0.5%, to 15.17 cents per lb at 1133 GMT, edging away from a three-month low of 15.01 cents set on Thursday.
Dealers said concerns about nearby supply tightness were easing, partly due to the strong pace of exports from India, and May's premium to July had been weakening.
An expected slow start to the harvest in Centre-South Brazil and concerns about port congestion in the South American country helped to underpin prices.
May white sugar rose by $1.50, or 0.3%, to $440.70 a tonne.
Gloomy European sugar beet farmers are cutting back plantings this year, discouraged by poor yields and low prices.
COFFEE
May arabica coffee rose by 2.05 cents, or 1.6%, to $1.2865 per lb. The contract dipped to a low of $1.2520 on Thursday, its weakest since Feb. 17.
Dealers said broad-based gains in financial markets had helped to trigger some short covering in coffee although there remain concerns that lockdowns in Europe could curb demand.
Keeping up production and harvesting despite heavy rains are top challenges for coffee-growers in Colombia this year, the coffee federation said on Thursday, adding that producers are also working to maintain their income and avoid COVID-19 infections.
May robusta coffee rose by $33, or 2.4%, to $1,398 a tonne.
COCOA
May New York cocoa fell by $7, or 0.3%, to $2,449 a tonne as concerns about weak demand kept the market on the defensive.
May London cocoa fell by 10 pounds, or 0.6%, to 1,731 pounds a tonne.
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