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Markets

Raw sugar edges higher with supplies set to tighten

  • December New York cocoa rose by $17, or 0.7%, to $2,597 a tonne
  • December arabica coffee rose by 1.05 cents, or 0.6%, to $1.8805 per lb
  • October raw sugar rose by 0.04 cents, or 0.2%, to 19.51 cents per lb
Published August 12, 2021

LONDON: Raw sugar futures on ICE edged higher on Thursday as the market consolidated just below a four-year high set earlier this week, underpinned by a potential tightening in supplies as production prospects in Brazil are downgraded.

SUGAR

October raw sugar rose by 0.04 cents, or 0.2%, to 19.51 cents per lb by 1408 GMT.

The front month climbed to a peak of 19.75 cents on Tuesday - the highest since March 2017.

Dealers said a combination of drought and frost had dented sugar production prospects in Brazil, potentially leading to a global deficit in the 2021/22 season.

They noted a reluctance to hold short positions amid concerns the situation in Brazil could deteriorate further.

Raw sugar futures ease, focus remains on Brazilian crops

October white sugar rose by $2.30, or 0.5%, to $473.50 a tonne, boosted by buying interest from Pakistan.

Pakistan's state agency the Trading Corporation of Pakistan (TCP) has issued a new international tender to purchase 200,000 tonnes of white sugar, European traders said on Thursday.

COFFEE

December arabica coffee rose by 1.05 cents, or 0.6%, to $1.8805 per lb.

The market remained underpinned by a diminished outlook for next season's crop in Brazil after recent frost damage, with this year's harvest now almost complete.

Arabica coffee prices weaken, raw sugar rises

Coffee growers in Brazil are heading into the final days of this season's harvesting, having collected 89% of the 2021/22 crop by Aug. 10, consultancy Safras & Mercado said in a report on Wednesday.

November robusta coffee fell by $9, or 0.5%, to $1,855 a tonne.

Vietnam's domestic coffee prices edged up this week due to tight supplies at the end of the season, while demand remained muted in Indonesia, traders said on Thursday.

COCOA

December New York cocoa rose by $17, or 0.7%, to $2,597 a tonne.

December London cocoa rose by 13 pounds, or 0.7%, to 1,783 pounds a tonne.

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