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SOFTS-Raw sugar futures ease as whites dip to five-week low

CommoditiesFeb 11, 2019 17:50
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© Reuters. SOFTS-Raw sugar futures ease as whites dip to five-week low

LONDON, Feb 11 (Reuters) - Raw sugar futures were slightly lower on Monday and white sugar dipped to a five-week low, weakened partly by lower crude oil prices, while a major industry conference in Dubai provided the major focus.

SUGAR

* March raw sugar SBc1 was down 0.02 cents, or 0.2 percent, at 12.69 cents per lb at 1153 GMT.

* Dealers said weakness in sugar prices was providing a bearish backdrop to the annual sugar conference in Dubai.

* Dubai's Al Khaleej Sugar, the world's largest port-based refinery, on Sunday said it had restarted operations on Thursday after shutting down in mid-December because of weak demand in white sugar export markets. Speculators increased their net short position in raw sugar on ICE (NYSE:ICE) Futures U.S. to its biggest since October in the week to Jan. 8, U.S. government data showed on Friday in a report delayed by the partial government shutdown. March white sugar LSUc1 was down $3.90, or 1.2 percent, at $330 a tonne after setting a five-week low of $329.90.

* Dealers said March's discount to May had widened further ahead of the former contract's expiry on Wednesday, indicating there was little appetite to take delivery.

* Cristal Union, France's second-largest sugar group, on Monday said the "golden age" for European Union sugar producers was over and it expected significant changes in the EU sugar sector. May London cocoa LCCc2 was up 13 pounds, or 0.8 percent, at 1,680 pounds a tonne.

* "The (technical) indicators are on the upside and this could set the scene for a challenge of resistance at 1,695 (pounds) in the coming days. Futures need to breach this level to regain upside momentum," said Sucden Financial technical analyst Geordie Wilkes.

* Cocoa arrivals at ports in top grower Ivory Coast reached 1.425 million tonnes between Oct. 1 and Feb 11, exporters estimated on Monday, up about 10 percent from 1.298 million tonnes in the same period last season. May New York cocoa CCc2 rose $9, or 0.4 percent, to $2,244 a tonne

COFFEE8

* March robusta coffee LRCc1 was up $6, or 0.4 percent, at $1,536 a tonne.

* March arabica coffee KCc1 rose by a tenth of a cent, or 0.1 percent, to $1.0270 per lb.

SOFTS-Raw sugar futures ease as whites dip to five-week low
 

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