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Markets

Raw sugar prices ease on weak demand, India sales

  • December New York cocoa fell by $2, or 0.1%, to $2,565 a tonne
  • November robusta coffee rose by $6, or 0.3%, to $1,888 a tonne
  • October raw sugar fell by 0.08 cents, or 0.4%, to 19.50 cents per lb
Published August 23, 2021
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LONDON: Raw sugar futures on ICE were lower on Monday as Indian selling and weak demand helped to trigger a pullback from a recent 4-1/2-year high.

SUGAR

October raw sugar fell by 0.08 cents, or 0.4%, to 19.50 cents per lb by 1300 GMT.

The front month climbed to a peak of 20.37 cents last week for its highest since February 2017.

Dealers said that Indian mills have taken advantage of the recent run-up in prices to make export sales, particularly given indications from India's government that export subsidies are likely to be withdrawn from October.

Raw sugar edges higher with supplies set to tighten

"The market has run into a wall of Indian selling," broker Marex said in market update, adding that further sales could dry up because of a lack of buyers.

October white sugar fell by $6.90, or 1.4%, to $476.60 a tonne.

COFFEE

November robusta coffee rose by $6, or 0.3%, to $1,888 a tonne.

Dealers said the market could continue to consolidate in the short term before potentially resuming its upward trend. Prices have risen by 36% this year.

"The long-term trend favours the upside and we expect prices to remain on-trend," broker Sucden Financial said in a technical note.

December arabica coffee was down 1.15 cents, or 0.6%, at $1.8035 per lb.

Arabica coffee extends pullback, cocoa prices drop

COCOA

December New York cocoa fell by $2, or 0.1%, to $2,565 a tonne.

Dealers said supplies remained ample after a rise in production in Ivory Coast this season.

The market was also keeping a close watch on prospects for the next season, which begins in October, with some expecting there could be a drop in production.

Another week of heavy rains in Ivory Coast's cocoa growing regions, however, has raised farmers' expectations for a strong October-to-March main crop, with some already anticipating a harvest as abundant as the previous season.

December London cocoa was down 4 pounds, or 0.2%, at 1,786 pounds a tonne.

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