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Markets

Sugar and coffee close up; cocoa hits 5-month highs

  • The United States sugar beet crop will face some harvest delays after initial problems with drier-than-normal weather, said the USDA.
12 Aug, 2021

NEW YORK/LONDON: Raw sugar futures on ICE closed up 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.

Coffee also rose while cocoa futures hit 5-month highs.

SUGAR

October raw sugar rose 0.07 cent, or 0.4pc, at 19.54 cents per lb. It had 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 slips from 5-1/2 month peak, arabica also falls

The United States sugar beet crop will face some harvest delays after initial problems with drier-than-normal weather, said the USDA.

October white sugar rose by $4.90, or 1.0pc, at $476.10 a tonne.

Pakistan has issued a new international tender to purchase 200,000 tonnes of white sugar, European traders said on Thursday.

COFFEE

December arabica coffee settled up 2.6 cents, or 1.4pc, at $1.896 per lb, the highest since end-July.

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.

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

Sugar prices climb while arabica coffee consolidates

November robusta coffee fell by $10, or 0.5pc, at $1,854 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 London cocoa?? Settled down 1 pound to 1,769 pounds per tonne? having hit a 5-month high of 1,784 pounds earlier in the session.

December New York cocoa closed up $2, or 0.1pc, to $2,582 a tonne, having also set a 5-month high.

"New York and London closed higher yesterday and trends remain up in both markets. London was the stronger one," said a U.S. broker, adding that the continuing reopening of economies should improve demand.

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