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Markets

Sugar prices climb while arabica coffee consolidates

  • October raw sugar rose by 0.47 cents, or 2.6%, to 18.40 cents per lb
  • September arabica coffee rose by 0.15 cents, or 0.1%, to $1.7580 per lb
  • December New York cocoa rose by $18, or 0.7%, to $2,463 a tonne
Updated 05 Aug, 2021

LONDON: Sugar futures on ICE were higher on Thursday, with recent adverse weather in top exporter Brazil remaining a key supportive factor, while arabica coffee prices continued to consolidate after last month's rise to the highest level in nearly seven years.

SUGAR

October raw sugar rose by 0.47 cents, or 2.6%, to 18.40 cents per lb by 1450 GMT.

Dealers said expectations that the combination of prolonged dry weather and recent frosts will dent sugar production in Brazil continued to provide support.

"Centre-South Brazil's very dry and very cold conditions since late last year are likely to have hefty 'echo' in cane production next year," Commonwealth Bank of Australia analyst Tobin Gorey said in a note, adding that the recent run-up may not be over quite yet.

October white sugar rose by $8.00, or 1.8%, to $455.30 a tonne.

COFFEE

September arabica coffee rose by 0.15 cents, or 0.1%, to $1.7580 per lb.

Dealers said that caution remained evident in the face of uncertainty over the outlook for next year's coffee crop in Brazil after recent frosts.

Arabica consolidates off seven-year peak

September robusta coffee fell by $23, or 1.3%, to $1,747 a tonne.

Trade was tepid for top Asian coffee exporters this week, with the bean market in Vietnam facing low demand owing to a container crunch, while the worsening coronavirus crisis in Indonesia hindered trading activities, market participants said on Thursday.

COCOA

December New York cocoa rose by $18, or 0.7%, to $2,463 a tonne.

Signs that demand is beginning to recover from a pandemic-related slump have helped to support prices, dealers said.

Sugar prices fall on ample supplies; cocoa, coffee also down

December London cocoa was unchanged at 1,689 pounds a tonne.

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