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SOFTS-Raw sugar rises on short covering, lagging Indian exports

CommoditiesJan 12, 2019 01:20
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SOFTS-Raw sugar rises on short covering, lagging Indian exports

(Recasts throughout; updates prices, adds comment; changes datgeline, previous LONDON)

NEW YORK/LONDON, Jan 11 (Reuters) - Raw sugar futures on ICE (NYSE:ICE) rose on Friday, with prices lifted by short covering and expectations that India will export less sugar to the global market, while arabica coffee slipped as Brazil's currency weakened.

SUGAR

* March raw sugar SBc1 settled up 0.11 cent, or 0.9 percent, at 12.78 cents per lb after touching a session high of 12.91 cents.

* On the week, the contract jumped 7.1 percent, its best weekly performance since early October. On Wednesday, prices touched a five-week peak of 12.94 cents per lb.

* Prices have gotten a boost from speculative short covering in recent sessions, dealers said.

* Market participants continued to monitor India, which has lagged in exporting a large surplus. The country is now expected to export 2.5 million to 3.5 million tonnes of sugar, far below its initial 5-million-tonne target.

* The Indian government is considering raising the minimum selling price of sugar, a television news channel reported on Friday. Marex Spectron noted that the possibility for higher minimum prices further diminishes the incentive for mills to export.

* March white sugar LSUc1 settled up 80 cents, or 0.2 percent, at $344.90 per tonne.

COFFEE

* March arabica coffee KCc1 settled down 0.4 cent, or 0.4 percent, at $1.0385 per lb.

* Prices were pressured by a weaker Brazilian real, dealers said BRL= .

* A softer currency in top producer Brazil improves local returns on dollar-traded goods such as coffee, encouraging producers to sell.

* On the week, however, the contract gained 2.2 percent, its fourth consecutive weekly gain. On Wednesday, prices touched $1.0685, their highest levels since late November.

* Prices have been buoyed in recent sessions by concerns over dry weather in Brazil, dealers said.

* March robusta coffee LRCc2 settled up $7, or 0.5 percent, at $1,543 per tonne.

COCOA

* March New York cocoa CCc1 settled down $13, or 0.6 percent, at $2,356 per tonne. The contract was largely unchanged on the week.

* "The cocoa market is just waiting for the grind figures," one U.S. trader said. "They'll determine whether we'll take another leg up from here, or take a leg down."

* Data on fourth-quarter cocoa grindings for North America, an indicator of demand, are set to be released on Jan. 17.

* May London cocoa LCCc2 settled down 11 pounds, or 0.6 percent, at 1,728 pounds a tonne.

* Farmers in top cocoa grower Ivory Coast say the current crop is worsening, with beans starting to rot because of a lack of financing that is preventing them from properly fermenting and drying beans already stressed by bad weather.

SOFTS-Raw sugar rises on short covering, lagging Indian exports
 

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