SOFTS-London cocoa dips to seven-week low, raw sugar edges up

  • Reuters
  • Commodities News
SOFTS-London cocoa dips to seven-week low, raw sugar edges up
Credit: © Reuters.

LONDON, Oct 14 (Reuters) - London cocoa futures on ICE (NYSE: ICE ) fell to a seven-week low on Wednesday as the market waited to see if third-quarter grinding data would provide further evidence of weakening demand while raw sugar prices edged higher.

COCOA

* December London cocoa LCCc1 was down 11 pounds, or 0.7%, at 1,632 pounds by 1221 GMT after slipping to a seven-week low of 1,631 pounds.

* Dealers said that third-quarter grind data would provide a short-term focus as the market looks for indications on the extent to which the COVID-19 pandemic has dented demand.

* European and North American third-quarter grind data is due to be issued on Thursday.

* Ivory Coast rains have also improved the outlook for crops in the world's top producer. December New York cocoa CCc1 ​​was down $18, or 0.8%, at $2,363 a tonne.

SUGAR

* March raw sugar SBc1 ​was up 0.04 cents, or 0.3%, at 14.05 cents per lb.

* Dealers said the market was consolidating just below a 7-1/2 month peak set on Monday, with the prospect of rains in Brazil over the next couple of weeks helping to stall the recent run-up, temporarily at least.

* "The weather forecasts are still giving rise to optimism and suggest that the coming weeks will bring the urgently needed rainfall," Commerzbank (DE: CBKG ) said in a note.

"If they are right, this would also improve conditions for the development of sugar cane during the rest of the season and of coffee for the 2021 crop."

* December white sugar LSUc1 fell by $0.40, or 0.1%, to $386.70 a tonne.

COFFEE

* December arabica coffee KCc1 fell by 0.15 cents, or 0.1%, to $1.0995 per lb.

* Dealers continued to keep a close watch on conditions in Brazil and the extent to which rains will bring relief to crops.

* November robusta coffee LRCc1 rose by $26, or 2.1%, to $1,249 a tonne.

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