LONDON: Raw sugar futures on ICE eased on Thursday as weakness in global equity markets heightened concern about a potential fall in consumption this year. July raw sugar was down 0.11 cents, or 0.9%, at 12 cents per lb? at 1441 GMT.
Dealers said weak consumption combined with a rise in production in Brazil and India is now expected to lead to a global surplus in the 2020/21 season. A small deficit had been forecast in a Reuters poll issued in late January.
The market is also undergoing a period of consolidation, with prices holding just below a three-month high of 12.27 cents set earlier this month. August white sugar fell $11.30, or 2.9%, to $374.80 a tonne.
September London cocoa rose 10 pounds, or 0.6%, to 1,682 pounds a tonne, with the market rebounding after equalling the previous session's low of 1,663 pounds - the weakest level since May 2019.
September New York cocoa was up $14, or 0.6%, at $2,244 a tonne. September arabica coffee fell 1.2 cents, or 1.2%, to 96.95 cents per lb, having hit a nine-month low of 94.55 cents on Monday. September robusta coffee fell $13, or 1.1%, to $1,169 a tonne.-Reuters