NEW YORK/LONDON: Raw sugar futures on ICE rose again on Friday to close the week with strong gains, with investors waiting for assessments of possible damage done to the cane crop in top producer Brazil from this week’s frosts.
October raw sugar closed up 0.21 cent, or 1.2%, at 18.15 cents per lb, a day after hitting its highest since late February. The contract gained 6.9% in the week.
Dealers said the market remained supported by the frosts that hit cane areas in top producer Brazil this week.
“Temperatures (are) now forecast to return to normal. Any damage to cane though is done and the assessments will filter through over the coming days,” said Commonwealth Bank of Australia. Brazil exported 2.75 million tonnes of sugar in June vs 2.71 million a year ago, data showed. August white sugar lost $0.40, or 0.1%, to $450.30 a tonne. September arabica coffee settled down 3.35 cents, or 2.1%, at $1.5305 per lb, having hit its highest since early June on Thursday. The contract lost 3.25% in the week.
Brazil exported 174,239 tonnes of green coffee in June vs 141,557 tonnes a year ago, data showed.
Coffee exports from Honduras, central America’s top arabica exporter, soared 28.4% in June versus a year ago, data showed.
September robusta coffee settled up $6, or 0.4%, at $1,707 a tonne, having hit a 2-1/2-year high of $1,737 earlier. September New York cocoa settled down $35, or 1.5%, at $2,319 a tonne, during the session hitting the lowest level since May 2020. September London cocoa fell 9 pounds, or 0.6%, to 1,608 pounds per tonne.
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