PARIS: Raw sugar futures extended gains, as they recovered from last week’s 3-1/2-year low, and London white sugar futures also rallied as trading resumed on Tuesday following Monday’s UK holiday close.
Sugar
Raw sugar was up 0.69% at 17.59 cents per lb at 1117 GMT. During Friday’s session it hit its lowest since July 2021 at 16.97 cents before rebounding.
An easing in the dollar index and a rebound in crude oil from four-year lows lent some support to the wider commodities complex on Tuesday.
The soft markets are watching to see if trading activity picks up following Monday’s London public holiday and as Chinese operators also return from the May Day holiday, analysts said.
Worries about an economic slowdown fuelled by U.S. tariff policies and easing concerns about Brazilian production capped price gains.
In London, white sugar was up 1.72%, at $498.10 a metric ton, rebounding from Friday’s fall.
Raw sugar recovers from 2-1/2 year low; cocoa drifts down
Cocoa
New York cocoa futures were up 1.78%, to $8,670 a ton, after dropping 4% on Monday.
A backdrop of falling demand, caused by the sharp price jump for cocoa last year, has weighed on the market this year.
London cocoa fell 0.03% to 6,326 pounds per ton, curbed by gains for sterling against the broadly weaker dollar.
Coffee
Arabica coffee rose 0.08% to $388.55 per lb.
Coffee futures lacked technical momentum after retreating from a 2-1/2 month peak above $4 a week ago, traders said.
London robusta coffee was trading down 0.76% at $5,251 a metric ton.
Vietnam exported 663,000 tons of coffee in the January-April period, down 9.8% from the same period last year, government data showed on Tuesday.
Growing conditions for robusta in Vietnam were favourable, traders said.
Comments
Comments are closed for this article.