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LONDON: Raw sugar futures on ICE fell sharply on Wednesday, heading back down towards a two-week low set earlier this week while coffee prices were slightly higher.

SUGAR

March raw sugar fell 2.9% to 17.94 cents per lb by 1632 GMT. The front month had fallen to a two-week low of 17.90 cents on Monday.

Dealers said weaker oil prices added to downward momentum while other bearish factors include an improving outlook for production in India.

March white sugar fell 2.1% to $488.90 a tonne.

COFFEE

March arabica coffee was up 0.4% at $2.3760 per lb.

Dealers noted the market remained underpinned by the slow pace of exports from top producer Brazil.

Brazil exported 178,093 tonnes of green coffee in January, down from 221,966 tonnes in the same month last year, government data showed on Tuesday.

March robusta coffee rose 0.9% to $2,197 a tonne, edging away from a three-month low of $2,161 set on Monday.

COCOA

March New York cocoa rose 0.1% to $2,617 a tonne.

Dealers said the market was supported by concerns about dry weather in top producer Ivory Coast.

March London cocoa fell 0.1% to 1,744 pounds a tonne. Nigerian cocoa exports rose 43.5% in the first eight months of 2021 from a year earlier to 100,779 tonnes, official data showed on Wednesday, as demand recovered in the wake of coronavirus disruptions.

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