SOFTS-Raw sugar prices buoyed by crude oil rally
- Egypt's state-owned sugar buyer is seeking 100,000 tonnes of raw Brazilian sugar in an international tender, according to a document seen by Reuters on Thursday.
- May robusta coffee fell $12, or 1pc, to $1,1974 a tonne, losing ground after rising more than 3pc in the previous session.
- May London cocoa was up 29 pounds, or 1.6pc, at 1,797 pounds a tonne, supported partly by a weak pound.
LONDON: Raw sugar futures on ICE rose on Friday, boosted by a surge in crude oil prices, with the market extending its rebound from a 1-1/2 year low set earlier in the week.
SUGAR
May raw sugar rose 0.25 cents, or 2.4pc, to 10.54 cents per lb by 1033 GMT. The front month had fallen to a 1-1/2 year low of 10.02 cents on Wednesday.
The contract was on track for a weekly loss of 5pc.
Dealers said a rebound in energy markets could lessen the incentive for mills in Brazil to switch to using more cane to make sugar rather than biofuel ethanol, though a shift to increased production of the sweetener was still expected.
Egypt's state-owned sugar buyer is seeking 100,000 tonnes of raw Brazilian sugar in an international tender, according to a document seen by Reuters on Thursday.
May white sugar rose $0.50, or 0.15pc, to $341.10 a tonne.
COFFEE
May robusta coffee fell $12, or 1pc, to $1,1974 a tonne, losing ground after rising more than 3pc in the previous session.
The contract was on track for a weekly loss of 1pc.
Dealers said the disruption to the flow of coffee in top robusta producer Vietnam as the country began 15 days of social distancing this week had helped to underpin prices.
"This makes it impossible for coffee beans to be sold at auctions. Transport is also massively hampered and ports are running at minimal capacity," Commerzbank said in a note.
May arabica coffee fell 1.75 cents, or 1.5pc, to $1.1760 per lb.
COCOA
May London cocoa was up 29 pounds, or 1.6pc, at 1,797 pounds a tonne, supported partly by a weak pound.
May New York cocoa rose $5, or 0.2pc, to $2,290 a tonne.
Comments
Comments are closed for this article.