AGL 37.01 Decreased By ▼ -0.99 (-2.61%)
AIRLINK 132.60 Decreased By ▼ -4.09 (-2.99%)
BOP 5.51 Increased By ▲ 0.09 (1.66%)
CNERGY 3.79 Decreased By ▼ -0.04 (-1.04%)
DCL 7.48 Decreased By ▼ -0.11 (-1.45%)
DFML 44.81 Decreased By ▼ -1.24 (-2.69%)
DGKC 81.20 Increased By ▲ 0.85 (1.06%)
FCCL 28.65 Increased By ▲ 0.62 (2.21%)
FFBL 54.75 Decreased By ▼ -0.46 (-0.83%)
FFL 8.55 Decreased By ▼ -0.03 (-0.35%)
HUBC 107.90 Decreased By ▼ -4.75 (-4.22%)
HUMNL 13.56 Increased By ▲ 1.23 (9.98%)
KEL 3.81 Decreased By ▼ -0.04 (-1.04%)
KOSM 7.04 Decreased By ▼ -1.03 (-12.76%)
MLCF 36.25 Increased By ▲ 1.14 (3.25%)
NBP 67.30 Increased By ▲ 1.30 (1.97%)
OGDC 169.49 Decreased By ▼ -1.67 (-0.98%)
PAEL 24.88 Decreased By ▼ -0.30 (-1.19%)
PIBTL 6.15 Decreased By ▼ -0.05 (-0.81%)
PPL 130.70 Decreased By ▼ -2.15 (-1.62%)
PRL 24.50 Increased By ▲ 0.10 (0.41%)
PTC 15.77 Increased By ▲ 1.25 (8.61%)
SEARL 57.80 Decreased By ▼ -1.15 (-1.95%)
TELE 6.99 Decreased By ▼ -0.10 (-1.41%)
TOMCL 34.73 Decreased By ▼ -0.27 (-0.77%)
TPLP 7.70 Decreased By ▼ -0.39 (-4.82%)
TREET 13.96 Decreased By ▼ -0.34 (-2.38%)
TRG 44.25 Decreased By ▼ -1.34 (-2.94%)
UNITY 25.15 Decreased By ▼ -0.84 (-3.23%)
WTL 1.18 Decreased By ▼ -0.02 (-1.67%)
BR100 9,082 Decreased By -1.8 (-0.02%)
BR30 27,380 Decreased By -251 (-0.91%)
KSE100 85,483 Increased By 30.2 (0.04%)
KSE30 27,160 Increased By 10.7 (0.04%)
Markets

Raw sugar gains as wider financial market jitters abate

  • March London cocoa rose 2.2% to 1,741 pounds per tonne
  • March robusta coffee rose 1.2% to $2,201 a tonne
  • March raw sugar rose 0.5% to 18.32 cents per lb
Published February 1, 2022

LONDON: Raw sugar futures on ICE rose on Tuesday, edging further from Monday's three-week low as world stocks rose on reassuring comments from US Federal Reserve officials.

Sugar

March raw sugar rose 0.5% to 18.32 cents per lb at 1123 GMT, recovering after hitting the lowest price since Jan. 11 on Monday at 17.90 cents.

Dealers said the market has a bearish bent given a growing view that production is increasing more than was anticipated when the season started.

They added, however, much can still change, especially regarding the crop recovery in top producer Brazil from last year's drought.

A small global sugar deficit of 742,000 tonnes is anticipated in the 2022/23 season, commodity specialists Green Pool said in its first forecast for the period. It forecast the 2021/22 deficit at 2.03 million tonnes.

Sugar producers have sharply reduced their hedge selling volumes on ICE as oil's recent surge has spurred cane mills that also produce ethanol to weigh boosting production of the biofuel at the expense of sugar.

March white sugar rose 0.3% to $493.90 a tonne.

Raw sugar extends losing streak, robusta hits 3-month low

Coffee

March robusta coffee rose 1.2% to $2,201 a tonne, recovering from a three-month low of $2,161 set on Monday as data showed rising exports from top producer Vietnam.

March arabica coffee rose 1.6% to $2.3875 per lb, having sunk to a three-week low last Friday.

Dealers said arabica has been under pressure from worries over rising interest rates, which strengthen the dollar - making dollar-priced coffee expensive - and deter traders from buying by raising their borrowing costs.

Cocoa

March London cocoa rose 2.2% to 1,741 pounds per tonne, with the market underpinned by concerns about dry weather in top producer Ivory Coast.

There has been no rain for a second straight week in most of Ivory Coast's cocoa-growing regions, farmers said on Monday.

Cocoa port arrivals in Ivory Coast reached 1.340 million tonnes between Oct. 1 and Jan. 30, exporters estimated, up 1.5% from the same period last season.

March New York cocoa rose 2.5% to $2,591 a tonne.

Comments

Comments are closed.