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Markets

Raw sugar prices climb, focus on Brazil crop outlook

  • May raw sugar was up 0.13 cents, or 0.8%, at 17.04 cents per lb.
  • July arabica coffee rose by 0.2 cents, or 0.1%, to $1.3870 per lb.
  • July New York cocoa rose by $1, or 0.04%, to $2,451 a tonne.
Published April 26, 2021

LONDON: Raw sugar futures on ICE were higher on Monday, climbing back up towards the prior session's near two-month peak, with the market supported by dry weather in Brazil which looks set to curb cane production in the 2021/22 season.

SUGAR

May raw sugar was up 0.13 cents, or 0.8%, at 17.04 cents per lb by 1119 GMT after peaking at 17.08 cents on Friday, its highest since Feb. 26.

Dealers said the release by industry group UNICA of cane and sugar production data for the Centre-South of Brazil this week would provide a short-term focus as the market seeks to assess the situation.

The data will cover the first half of April.

Money managers and hedge funds added more than 40,000 contracts to their bullish bet in raw sugar futures on ICE.

August white sugar rose by $1.30, or 0.3%, to $462.50 a tonne.

COFFEE

July arabica coffee rose by 0.2 cents, or 0.1%, to $1.3870 per lb. The benchmark second position peaked at $1.4020 on Friday, its highest since Feb. 25

Dealers said the market was supported by the prospect of tightening supplies as Brazil harvests a smaller crop this year, an off-year in its biennial cycle, and demand begins to revive in the United States and Europe.

July robusta coffee rose by $2, or 0.1%, to $1,418 a tonne.

COCOA

July New York cocoa rose by $1, or 0.04%, to $2,451 a tonne.

Dealers said ample supplies continued to keep a lid on prices.

Cocoa arrivals at ports in top grower Ivory Coast reached 1.846 million tonnes by April 25 since the start of the season on Oct. 1, exporters estimated on Monday, up 7.5% from 1.718 million tonnes over the same period last season.

July London cocoa fell by 4 pounds, or 0.2%, to 1,643 pounds a tonne.

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