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Markets

Raw sugar prices edge higher, arabica coffee weakens

  • December New York cocoa rose 1.3% to $2,747 a tonne
  • December arabica coffee fell 0.8% to $2.0245 per lb
  • March raw sugar was up 0.15% at 20.09 cents per lb
Published October 4, 2021

LONDON: Raw sugar futures on ICE edged higher on Monday, boosted by a pick-up in demand in the physical market, while arabica coffee prices slipped slightly from the prior session's two-month peak.

Sugar

March raw sugar was up 0.15% at 20.09 cents per lb by 1151 GMT.

Pakistan's state agency the Trading Corporation of Pakistan (TCP) has issued a new international tender to purchase 50,000 tonnes of white sugar, European traders said on Monday.

"The longer the market remains directionless, the greater the risk of a fund sell-off. But we think that the past two weeks have seen a momentous change - the apparent return of white sugar demand, and the substantial raw sugar demand in September," broker Marex said in an note.

Speculators marginally raised a net long position in raw sugar futures on ICE in the week to Sept. 28, the US Commodity Futures Trading Commission said on Friday.

December white sugar fell 0.5% to $508.60 a tonne.

Raw sugar prices ease, focus on October expiry

Coffee

December arabica coffee fell 0.8% to $2.0245 per lb after hitting a two-month high of $2.0555 on Friday.

Dealers said the market may consolidate in the short term after its recent run-up, but the overall mood remained bullish with disruptions to supply in the physical market increasing the appetite for exchange stocks.

Honduras is expected to export some 5.7 million 60-kg bags in the 2021-2022 coffee harvest, 2% less than was sold in the previous season, an official from the Honduran Coffee Institute (IHCAFE) said on Friday.

November robusta coffee was down 0.7% at $2,153 a tonne.

Cocoa

December New York cocoa rose 1.3% to $2,747 a tonne.

The market has been supported partly by concerns that heavy rainfall in top producer Ivory Coast could lead to problems with black pod disease.

December London cocoa was 1.2% higher at 1,905 pounds a tonne

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