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Markets

Raw sugar prices rise as output drops in Centre-South Brazil

  • November robusta coffee was up $27, or 1.4%, at $1,939 a tonne after hitting a four-week high of $1,945
  • October raw sugar rose by 0.15 cents, or 0.8%, to 19.73 cents per lb
Published August 24, 2021
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LONDON: Raw sugar futures on ICE rose on Tuesday, with the market's focus still on falling production in the key Centre-South region of Brazil, while coffee prices also climbed.

SUGAR

October raw sugar rose by 0.15 cents, or 0.8%, to 19.73 cents per lb by 1422 GMT.

Dealers continued efforts to determine the extent to which drought and recent frosts have driven down production in the Centre-South region of Brazil this season.

Industry group Unica said on Tuesday that frosts had caused damage to one million hectares of cane fields.

Raw sugar prices ease on weak demand, India sales

Sugar production in Centre-South Brazil totalled 2.99 million tonnes in the first half of August, down 7.5% from the same period last year, Unica said.

Lower production in Brazil has helped to swing the global market into deficit, according to the median forecast in a Reuters poll issued on Friday. {SUG/POLL]

October white sugar rose by $1, or 0.2%, to $480.10 a tonne.

COFFEE

November robusta coffee was up $27, or 1.4%, at $1,939 a tonne after hitting a four-week high of $1,945.

Dealers said the market was supported by a pick-up in robusta demand, driven by the recent strength in arabica bean prices.

Arabica coffee extends pullback, cocoa prices drop

A shortage of shipping containers also remains a concern and looks set to continue to disrupt the flow of beans from top robusta producer Vietnam in the coming months.

December arabica coffee was up 3.35 cents, or 1.8%, at $1.8520 per lb.

COCOA

December New York cocoa fell by $5, or 0.2%, to $2,549 a tonne.

December London cocoa was down 2 pounds, or 0.1%, at 1,774 pounds a tonne.

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