LONDON: Raw sugar futures on the ICE exchange rose on Friday, heading for a 1percent weekly gain on bullish technical trade signals, while cocoa also climbed.
SUGAR
Raw sugar was up 1.8 percent at 15.12 cents per lb by 1134 GMT. The contract has been creeping higher since hitting a five-year low of 14.04 cents/lb in November. Broker ADM ISI said technical trade signals show sugar is vulnerable to a short-covering rally in the near term as it approaches 15.05 cents/lb.
Longer term, however, analysts are making upward revisions to surplus expectations for this season, with supplies set to grow and bearish demand signals prevailing.
One of incoming Coca-Cola CEO Henrique Braun’s challenges will be to accelerate the move to low sugar and functional beverages such as probiotic sodas, analysts said. Elsewhere, Eli Lilly said its next-generation obesity drug helped patients to lose an average of 28.7 percent of their weight. White sugar rose 1.1percent to USD429 a metric ton.
COCOA
New York cocoa gained 1.1percent to USD6,358 a ton, after hitting a five-week high of USD6,475. Cocoa continues to gain on the back of speculative buying linked partly to its inclusion in the Bloomberg Commodity Index (BCOM) from 2026. The potential for a slowdown in port arrivals in Ivory Coast during the first quarter of 2026 could also support prices, dealers said. London cocoa jumped 2.1percent to 4,584 pounds a ton after setting a five-week high of 4,625 pounds.
COFFEE
Robusta coffee was down 0.6percent at USD4,083 a ton, not far from the 2-1/2 month low of USD4,046 set on Wednesday. The harvest in top robusta producer Vietnam is slowly picking up after delays caused by storms and floods. Arabica coffee was little changed at USD3.7615 per lb.
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