LONDON: Raw sugar futures on ICE edged up on Friday and were set to post a small weekly gain, with the market finally stabilising after its recent steady fall.
SUGAR
Raw sugar rose 0.8 percent to 18.36 cents per lb at 1201 GMT. The market was on track for a small weekly gain of 0.7 percent after three consecutive weekly declines.
Dealers said the market was underpinned by a drop in production in Brazil’s key centre-south region this season, although weak demand continued to keep a lid on prices.
White sugar rose 0.7 percent to USD513.50 a metric ton. The expiry of the December contract on Friday provided a short-term focus.
COFFEE
Arabica coffee gained 1.4 percent to USD2.7830 per lb. The market was on track for a weekly gain of about 2.5 percent, ending a run of three consecutive weekly declines.
Dealers said, however, supplies of arabica appeared to be improving, boosted partly by strong exports from Brazil, while exchange stocks have also begun to edge higher.
Exchange stocks stood at 228,586 bags, as of November 12, up from 224,771 bags a week ago. At the same time last year, stocks stood at 404,930 bags.
Robusta coffee rose 1.4 percent to USD3,251 a ton, climbing further away from last week’s 2-1/2-year low of USD3,140.
COCOA
London cocoa gained 1.15 percent to £4,032 a ton. The market was on track for a small weekly gain of 0.2 percent following a run of four consecutive weekly declines. Weak demand for chocolate has been weighing on prices, although there continue to be concerns that the El Nino weather pattern will curb global production. New York cocoa rose 1.2 percent to USD5,265 a ton.
Comments