AIRLINK 75.30 Increased By ▲ 1.60 (2.17%)
BOP 4.94 Increased By ▲ 0.04 (0.82%)
CNERGY 4.39 Decreased By ▼ -0.13 (-2.88%)
DFML 41.18 Decreased By ▼ -3.70 (-8.24%)
DGKC 83.31 Decreased By ▼ -2.19 (-2.56%)
FCCL 21.65 Increased By ▲ 0.25 (1.17%)
FFBL 32.00 Decreased By ▼ -0.51 (-1.57%)
FFL 9.42 Decreased By ▼ -0.17 (-1.77%)
GGL 10.08 Decreased By ▼ -0.19 (-1.85%)
HASCOL 6.82 Decreased By ▼ -0.31 (-4.35%)
HBL 114.00 Decreased By ▼ -0.70 (-0.61%)
HUBC 139.10 No Change ▼ 0.00 (0%)
HUMNL 12.00 Decreased By ▼ -0.42 (-3.38%)
KEL 4.91 Decreased By ▼ -0.12 (-2.39%)
KOSM 4.36 Decreased By ▼ -0.09 (-2.02%)
MLCF 37.51 Decreased By ▼ -0.09 (-0.24%)
OGDC 132.85 Decreased By ▼ -3.95 (-2.89%)
PAEL 24.85 Decreased By ▼ -0.54 (-2.13%)
PIBTL 6.60 Decreased By ▼ -0.09 (-1.35%)
PPL 117.80 Decreased By ▼ -3.20 (-2.64%)
PRL 26.06 Decreased By ▼ -0.53 (-1.99%)
PTC 13.72 Decreased By ▼ -0.38 (-2.7%)
SEARL 57.25 Decreased By ▼ -0.05 (-0.09%)
SNGP 66.50 Decreased By ▼ -1.50 (-2.21%)
SSGC 10.24 Decreased By ▼ -0.18 (-1.73%)
TELE 8.21 Decreased By ▼ -0.24 (-2.84%)
TPLP 10.70 Decreased By ▼ -0.28 (-2.55%)
TRG 62.40 Decreased By ▼ -0.94 (-1.48%)
UNITY 27.04 Decreased By ▼ -0.01 (-0.04%)
WTL 1.35 Decreased By ▼ -0.03 (-2.17%)
BR100 7,846 Decreased By -95 (-1.2%)
BR30 25,256 Decreased By -391.8 (-1.53%)
KSE100 74,836 Decreased By -681.2 (-0.9%)
KSE30 24,004 Decreased By -273.3 (-1.13%)
Markets

Sugar, coffee, cocoa slide as wider financial markets under pressure

  • July raw sugar fell 1.3% to 16.21 cents per lb.
  • September arabica coffee fell 1.8% to $1.4920 per lb, having touched its weakest since mid-May at $1.4910.
Published June 21, 2021

LONDON: Raw sugar futures on ICE fell to the lowest level in two months on Monday as the wider financial markets remained under pressure from a hawkish US Federal Reserve, while arabica coffee and New York cocoa hit their lowest since May.

SUGAR

July raw sugar fell 1.3% to 16.21 cents per lb at 1126 GMT, after dipping to its weakest since mid-April at 16.21.

Funds are continuing to unwind their long position in sugar, exacerbating the sell-off, dealers said.

"The drop in sugar-ethanol parity means the market's anchor has been moved lower (and) the July-October spread has dropped into a new, more heavily discounted, territory," Commonwealth Bank of Australia said in a note.

Improving crop outlooks in India and Thailand following favourable rains, and the strong pace of production in Brazil during the second half of May, have contributed to the recent weakness in prices.

August white sugar fell 1.1% to $418.70 a tonne.

COFFEE

September arabica coffee fell 1.8% to $1.4920 per lb, having touched its weakest since mid-May at $1.4910.

The return of rains in top producer Brazil has improved the outlook for next year's harvest, while coffee is also now flowing out of Colombia after recent disruptions caused by anti-government protests.

September robusta coffee fell 1.6% to $1,592 a tonne.

COCOA

September New York cocoa was little changed at $2,372 a tonne, having hit its lowest since early May at $2,365.

The cocoa market continues to struggle with excess supplies even as demand is improving with economies easing COVID-19 restrictions.

Cocoa arrivals at ports in top grower Ivory Coast reached 2.057 million tonnes by June 20 since the Oct. 1 start of the season, exporters estimated, up 6.3% from the same period last season.

September London cocoa dipped 0.1% to 1,627 pounds per tonne.

Comments

Comments are closed.