LONDON: Raw sugar futures on ICE were higher on Monday, boosted partly by gains in crude oil prices, while coffee and cocoa fell.
Sugar
May raw sugar rose 0.6% to 19.49 cents per lb by 1117 GMT.
Dealers noted the market was heavily influenced by trends in energy prices, with Brazil’s new sugar marketing year starting last week and mills potentially switching between producing biofuel ethanol and sugar.
They said news of Indian mills signing contracts to export 7.2 million tonnes of sugar in the 2021/22 marketing year was supportive, with little scope for further exports if a potential cap of 8 million tonnes is imposed.
May white sugar rose 0.5% to $541.00 a tonne.
Raw sugar prices slip while arabica extends rebound
Coffee
May arabica coffee fell 0.6% to $2.295 per lb.
Dealers said that funds scaling back long positions in Arabica coffee had kept the market on the defensive, though the pace of sales ad slowed significantly in recent days.
May robusta coffee fell 1.3% to $2,112 a tonne.
Cocoa
May London cocoa was down 0.5% at 1,740 pounds a tonne.
Dealers said that port arrivals in top grower Ivory Coast continued to run slightly ahead of last season’s pace, though there had been a significant drop in output from number two producer Ghana this season. May New York cocoa fell 0.9% to $2,575 a tonne.
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