LONDON: XRaw sugar futures on ICE hit a three-and-a-half week low on Wednesday due to improved supply prospects as well as worries that rising worldwide inflation could hurt global growth and dampen sugar demand.
Cocoa and coffee prices were higher.
SUGAR
March raw sugar fell 0.6% to 17.82 cents per lb at 1400 GMT after hitting the lowest price since Jan. 10 at 17.77.
Dealers said sugar is being hammered by good harvests outside Brazil, though they warned it is unlikely to drop below 17.50 near term because there are still questions as to how much top producer Brazil’s upcoming crop has recovered from adverse weather last year.
The No. 2 sugar grower India produced 18.7 million tonnes of the sweetener in the first four months of 2021/22, up 5.6% year-on-year, the Indian Sugar Mills Association said.
March white sugar rose 0.2% to $490.20 a tonne.
COFFEE
March arabica coffee rose 1.2% to $2.4160 per lb?.
Arabica remains underpinned by the slow pace of exports from top producer Brazil and the fast reduction of ICE certified stocks.
March robusta coffee edged up 0.1% to $2,199 a tonne, edging away from a three-month low of $2,161 set on Monday.
COCOA
March New York cocoa rose 0.8% to $2,639 a tonne, helped by concerns over dry weather in top producer Ivory Coast.
US-based Hershey Co forecast full-year profit above Wall Street expectations after the Kit Kat maker beat estimates for quarterly profit on strong holiday demand and higher prices for its chocolates and candies.
March London cocoa rose 0.4% to 1,756 pounds per tonne?
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