AGL 6.80 No Change ▼ 0.00 (0%)
ANL 9.40 Increased By ▲ 0.18 (1.95%)
AVN 78.12 Increased By ▲ 3.92 (5.28%)
BOP 5.40 Decreased By ▼ -0.03 (-0.55%)
CNERGY 4.85 Decreased By ▼ -0.04 (-0.82%)
EFERT 78.00 No Change ▼ 0.00 (0%)
EPCL 55.80 Increased By ▲ 1.10 (2.01%)
FCCL 15.19 Increased By ▲ 0.26 (1.74%)
FFL 6.32 Decreased By ▼ -0.02 (-0.32%)
FLYNG 7.10 Decreased By ▼ -0.02 (-0.28%)
GGGL 10.35 Decreased By ▼ -0.21 (-1.99%)
GGL 16.31 Decreased By ▼ -0.12 (-0.73%)
GTECH 8.18 Decreased By ▼ -0.03 (-0.37%)
HUMNL 6.39 Increased By ▲ 0.04 (0.63%)
KEL 2.92 Decreased By ▼ -0.03 (-1.02%)
LOTCHEM 28.95 Increased By ▲ 0.35 (1.22%)
MLCF 27.45 Decreased By ▼ -0.35 (-1.26%)
OGDC 75.20 Decreased By ▼ -0.10 (-0.13%)
PAEL 15.95 Increased By ▲ 0.15 (0.95%)
PIBTL 5.55 Decreased By ▼ -0.05 (-0.89%)
PRL 16.91 Decreased By ▼ -0.31 (-1.8%)
SILK 1.07 Increased By ▲ 0.01 (0.94%)
TELE 10.70 Increased By ▲ 0.40 (3.88%)
TPL 7.97 Decreased By ▼ -0.03 (-0.38%)
TPLP 20.83 Increased By ▲ 0.03 (0.14%)
TREET 23.00 Increased By ▲ 0.40 (1.77%)
TRG 128.70 Decreased By ▼ -0.15 (-0.12%)
UNITY 23.35 Increased By ▲ 0.85 (3.78%)
WAVES 11.54 Decreased By ▼ -0.46 (-3.83%)
WTL 1.11 Decreased By ▼ -0.02 (-1.77%)
BR100 4,113 Increased By 13.3 (0.32%)
BR30 15,595 Increased By 61.9 (0.4%)
KSE100 41,212 Increased By 83 (0.2%)
KSE30 15,410 Increased By 73.2 (0.48%)
Follow us

LONDON: Raw sugar futures on ICE rose on Wednesday, recovering from a six-week low hit in the previous session as crude oil prices jumped 3% on EU plans to ban Russian oil imports.

Higher energy prices tend to prompt mills in top sugar producer Brazil to ramp up output of ethanol, a cane-based biofuel, at the expense of sugar.

Sugar

July raw sugar rose 1% to 18.82 cents per lb at 1216 GMT, after dipping on Tuesday to 18.59 cents - the weakest level for the front month since March 18.

Dealers said sugar will likely remain under pressure due to a small global surplus expected this season and next. They added, however, that until a clearer output picture emerges from Brazil, prices will have some support, especially around the 18.60 level.

The cane harvest in Centre-South Brazil is off to a slower-than-expected start as mills have been focused on using cane to produce ethanol rather than sugar.

Raw sugar futures rebound, focus on May expiry

August white sugar rose 0.2% to $520.20 a tonne, having also touched a six-week low on Tuesday.

Coffee

July arabica coffee rose 1.5% to $2.2115 per lb, with the market regaining some ground after falling by nearly 3% on Monday.

Starbucks suspended its guidance for the rest of its fiscal year as second quarter sales growth missed Wall Street targets due to China’s tough COVID-19 curbs.

Comparable sales in China, where the chain has rapidly expanded in recent years, declined 23%, overshadowing 12% growth in North America.

July robusta coffee rose 1.1% to $2,138 a tonne, having hit its highest in a month earlier at $2,140.

Cocoa

July New York cocoa was flat at $2,607 a tonne.

Dealers said the market was being underpinned by short covering.

July London cocoa edged up 0.1% to 1,836 pounds per tonne?.

Comments

Comments are closed.