LONDON: Raw sugar futures on ICE were lower on Friday, slipping slightly from the previous session’s five-month peak, while cocoa prices edged higher.
SUGAR
Raw sugar lost 0.8percent to 15.74 cents per lb by 1345 GMT, having hit a five-month high of 15.97 cents on Thursday. Dealers said trade and origin selling had helped to stall the recent run-up in prices temporarily, but the overall mood remained bullish.
Higher energy prices and the rising cost of fertiliser, both linked to conflict in the Middle East, helped to drive up the sugar market.
Brazil cane industry group UNICA is due to release data on Friday on cane and sugar production in Centre-South Brazil covering the first half of March.
Dealers said it is currently more profitable for mills to use cane to produce biofuel ethanol rather than sugar, which should limit output of the sweetener. White sugar lost 1.15percent to USD454.30 a metric ton.
COCOA
London cocoa gained 0.9percent to 2,377 pounds a ton, though the market was on course for a weekly loss of 1.1percent.
Dealers said weak demand remained a concern and the market would be keeping a close watch on first-quarter grinding data. European and North American reports are both scheduled to be issued on April 16. New York cocoa rose 0.1percent to USD3,168 a ton.
COFFEE
Arabica coffee eased by 0.1percent to USD3.0735 per lb, having set a seven-week high of USD3.1950 on Tuesday. Dealers said the prospect of what could be a record Brazilian crop this year should drive down prices in the coming weeks. Robusta coffee rose 0.6percent to USD3,618 a ton.
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