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Markets

Raw sugar hits fresh one-month low, arabica slips

  • December New York cocoa fell 1.8% to $2,626 a tonne
  • December arabica coffee fell 0.2% to $1.8710 per lb
  • October raw sugar was down 1.5% to 18.95 cents per lb
Published September 10, 2021

LONDON: Raw sugar futures on ICE hit their lowest price in a month on Friday as funds liquidated long positions amid signs of weakening demand.

Sugar

October raw sugar was down 1.5% to 18.95 cents per lb at 1446 GMT, having hit its lowest price since early August at 18.86 cents.

Dealers said sugar seems to have lost the bullish edge it had in July and August, with demand falling sharply as freight rates soar, and with poor output in top producer Brazil already priced in.

Those factors have prompted funds to book profits, reducing their net long position.

Brazil's centre-south sugar production increased 0.7% late in August compared to the same period a year ago to 2.95 million tonnes, industry group Unica said.

India is likely to export 6 million tonnes of sugar in the 2021/22 marketing year starting Oct. 1 as a rally in global prices has made exports feasible, a leading trade body said.

Along with another trade body, it added Indian mills had already signed contracts to export 1.2 million tonnes of sugar in 2021/22.

October white sugar fell 1.7% to $466.90 a tonne.

Raw sugar hits 1-month low, arabica coffee slides

Coffee

December arabica coffee fell 0.2% to $1.8710 per lb, having hit its lowest since late August at $1.8375 on Thursday.

Top arabica producer Brazil, which was hit by drought and frosts earlier this season, received much-anticipated rainfall during the first week of September.

Light showers are forecast for this weekend in arabica growing states Parana, Sao Paulo and Minas, dealers said, but added the market remained on edge about adverse weather in Brazil and elsewhere, due to the La Nina weather phenomenon.

November robusta coffee fell 0.5% to $2,039 a tonne, after setting a four-year high on Wednesday.

Cocoa

December New York cocoa fell 1.8% to $2,626 a tonne.

December London cocoa fell 0.7% to 1,790 pounds per tonne.

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