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 fell 1.7% to 18.93 cents per lb at 1310 GMT, having hit its lowest price since early August at 18.92 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.
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 have 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.
COFFEE
December arabica coffee fell 0.6% to $1.8620 per lb, having hit its lowest price 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.
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