NEW YORK/LONDON: Raw sugar futures on ICE rose to the highest level in 6-1/2 years on Thursday, as low production in India helped to tighten supplies, while cocoa prices also climbed.
Cocoa, coffee and sugar futures markets in both London and New York will be closed on Friday.
London-based cocoa, robusta coffee and white sugar markets will also be closed on Monday.
SUGAR: May raw sugar ?settled up 0.66 cent, or 2.9%, at 23.61 cents per lb, after peaking at 23.68 cents — the highest since October 2016.
Dealers said supportive factors included the earlier-than-normal closure of many sugar mills in India, which could see production this season dip below 33 million tonnes.
A Reuters poll of traders and analysts issued in February had a median forecast for Indian production of 34.7 million tonnes for the 2022/23 season.
They also noted concern that hot, dry weather in Thailand could dent the outlook for production in 2023/24.
May white sugar rose $9.30, or 1.4%, to $673.20 a tonne, after setting a more than 11-year high of $676.50.
COCOA: July London cocoa settled up 25 pounds, or 1.2%, at 2,181 pounds per tonne, after peaking at 2,203 pounds — the highest since November 2016.
Dealers noted supplies remained tight with a second successive global deficit in the current 2022/23 season.
July New York cocoa fell $7, or 0.2%, to $2,870 a tonne.
COFFEE: May robusta coffee settled down $15, or 0.6%, at $2,299 a tonne, slipping back from the prior session’s seven-month high of $2,320.
Dealers said availability was tight with supplies scarce in top robusta producer Vietnam, while demand has been boosted by an increased use of the cheaper bean in blends at the expense of arabica, particularly in developing countries.
May arabica coffee rose 3.45 cents, or 1.9%, to $1.836 per lb??, hitting a two-week high earlier.
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