Markets

ICE sugar, coffee, consolidate higher

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Below are highlights for the coffee, cocoa and sugar markets:

SUGAR

* Sugar futures nudged higher, supported by tight new-crop sugar supplies from Brazil, where mills have been focussed on ethanol production.

* Ethanol prices plummeted last week on the Brazilian market, data from Cepea/Esalq think tank showed on Monday, as harvesting of the new cane crop advanced and mills favored production of the fuel over sugar.

* ICE July raw sugar futures were up 0.11 cent or 0.5 percent to 21.88 cents a lb at 0817 GMT. Prices have bounced off the eight-month low of 20.40 cents hit on May 6.

* Liffe August white sugar traded up $4.00 or 0.7 percent to $611.00 per tonne, above the eight-month low of $571.90 touched earlier this month.

COFFEE

* Arabica coffee futures rose, consolidating after being swept up in the recent commodities sell-off, trading below the 34-year peak of $3.0890 a lb touched on May 3.

* ICE July arabica coffee was up 1.05 cent or 0.4 percent to $2.6515 per lb at 0818 GMT, while Liffe July robustas were up $9 at $2,482 a tonne.

* Coffee trading in Vietnam slowed on Tuesday after London prices lost ground, pushing domestic prices off their record highs, and  stocks dwindled, traders said.

* Coffee exports from Nicaragua fell 11.75 percent in April to 195,153 60-kg bags, the national export board said on Monday.

* Top US packaged coffee maker J M Smucker Co bought privately-held Rowland Coffee Roasters Inc for about $360 million to add espresso brands to its coffee portfolio.

COCOA

* ICE cocoa futures were steady as dealers monitored the resumption of exports from top producer Ivory Coast.

* Cocoa arrivals at ports in top grower Ivory Coast reached 1,044,388 tonnes by May 1, up from 923,618 tonnes in the same period a year ago, according to data from the sector regulator Bourse du Cafe et Cacao (BCC) obtained by Reuters on Monday.

* ICE second-month, July cocoa was down $4 or 0.1 percent at $3,002 per tonne at 0811 GMT.

OTHER MARKETS

* Japanese stocks held steady on Tuesday after early losses on signs of a slowdown in the US economic recovery and oil fell for a second session as the dollar edged higher on euro debt concerns.

* The euro held steady against the dollar on Tuesday, pulling away from a seven-week low hit the previous day, but downside risks persisted after its recent breach of a technical support level and due to the lingering threat of further long liquidation.

* Brent oil hovered near $111 a barrel on Tuesday as investors tread cautiously given debt issues in the euro zone and ahead of weekly US data expected to show builds in US crude and gasoline stocks.

* European shares were expected to slip for the fourth straight session on Tuesday, tracking weakness overnight on Wall Street on economic growth concerns and with the euro zone sovereign debt crisis still firmly in focus.

COPYRIGHT REUTERS, 2011