AIRLINK 86.21 Decreased By ▼ -0.99 (-1.14%)
BOP 4.97 Decreased By ▼ -0.05 (-1%)
CNERGY 4.08 Decreased By ▼ -0.01 (-0.24%)
DFML 37.22 Decreased By ▼ -0.68 (-1.79%)
DGKC 91.20 Decreased By ▼ -2.68 (-2.85%)
FCCL 22.99 Decreased By ▼ -0.78 (-3.28%)
FFBL 33.74 Increased By ▲ 1.07 (3.28%)
FFL 9.19 Decreased By ▼ -0.06 (-0.65%)
GGL 10.05 Increased By ▲ 0.02 (0.2%)
HASCOL 6.25 Decreased By ▼ -0.29 (-4.43%)
HBL 126.25 Increased By ▲ 4.33 (3.55%)
HUBC 158.29 Increased By ▲ 12.64 (8.68%)
HUMNL 11.08 Increased By ▲ 0.58 (5.52%)
KEL 4.64 Decreased By ▼ -0.10 (-2.11%)
KOSM 4.09 Decreased By ▼ -0.10 (-2.39%)
MLCF 38.25 Decreased By ▼ -0.55 (-1.42%)
OGDC 133.40 Decreased By ▼ -1.61 (-1.19%)
PAEL 25.40 Increased By ▲ 0.32 (1.28%)
PIBTL 6.22 Decreased By ▼ -0.05 (-0.8%)
PPL 119.25 Decreased By ▼ -0.43 (-0.36%)
PRL 24.58 Increased By ▲ 0.48 (1.99%)
PTC 12.28 Increased By ▲ 0.06 (0.49%)
SEARL 59.32 Decreased By ▼ -0.48 (-0.8%)
SNGP 65.60 Increased By ▲ 0.60 (0.92%)
SSGC 9.87 Decreased By ▼ -0.18 (-1.79%)
TELE 7.85 Decreased By ▼ -0.02 (-0.25%)
TPLP 9.49 Decreased By ▼ -0.25 (-2.57%)
TRG 63.80 Decreased By ▼ -0.50 (-0.78%)
UNITY 27.26 Increased By ▲ 0.21 (0.78%)
WTL 1.28 Decreased By ▼ -0.04 (-3.03%)
BR100 8,341 Increased By 31.1 (0.37%)
BR30 26,457 Increased By 506.8 (1.95%)
KSE100 78,810 Increased By 9 (0.01%)
KSE30 25,474 Increased By 35.6 (0.14%)

NEW YORK/LONDON: Raw sugar futures on ICE rose to the highest level in nearly six years on Friday, boosted by supply tightness, while coffee and cocoa prices also climbed.

The London market for robusta coffee, white sugar and cocoa will be closed on Monday and Tuesday, while New York will be closed on Monday.

SUGAR

March raw sugar settled up 0.09 cents, or 0.4%, at 20.98 cents per lb after peaking at 21.18 cents - the highest level for the front month since February 2017.

Dealers said supply tightness was expected to continue through the first quarter of next year and front-month March was trading at a premium to May of about 1.50 cents a lb, up from about 1.45 cents at the close on Thursday.

Delays to harvests in Thailand, Australia and Central America have helped to tighten supplies, while rains have also meant some cane in Brazil will not be cut until next season.

A US-based broker said, “most likely more mills (in Brazil) have decided to shut down as rains make harvesting impossible. Mills will have to wait for March. Can the market?” March white sugar rose $0.80, or 0.1%, to $572.10 a tonne.

COFFEE

March arabica coffee settled up 3.1 cents, or 1.8%, at $1.72 per lb after rising to a one-week peak of $1.7265. Dealers said price charts were looking more bullish after the market’s recent improved performance while there was also some short covering ahead of the long holiday weekend.

ICE certified coffee stocks fell marginally on Friday to 787,005 bags. Coffee pending grading, however, rose to 279,504 bags. March robusta coffee fell $3, or 0.2%, to $1,875 a tonne.

COCOA

March London cocoa rose 15 pounds, or 0.7%, to 2,065 pounds per tonne?. Dealers said the recent run-up had been fuelled by fund short covering and a lack of origin selling ahead of the upcoming holidays. March New York cocoa rose $22, or 0.8%, to $2,628 a tonne. Earlier, the contract hit the highest price since early April at $2,651/tonne.

Comments

Comments are closed.