SOFTS-Raw sugar edges higher, cocoa also climbs

  • Reuters
  • Commodities News
SOFTS-Raw sugar edges higher, cocoa also climbs
Credit: © Reuters.

(Adds comment, updates prices)

LONDON, Feb 9 (Reuters) - Raw sugar futures on ICE (NYSE: ICE ) edged higher on Tuesday, buoyed by a more supportive economic backdrop as global equities rose to a record high, while cocoa prices also advanced.

SUGAR

* March raw sugar SBc1 rose 0.02 cents, or 0.1%, to 16.29 cents per lb at 1506 GMT.

* Dealers said volumes this week have been boosted by index funds rolling positions out of the March contract, which expires on Feb. 26, into May SBK1 .

* March white sugar LSUc1 rose $1.40, or 0.3%, to $473.40 per tonne. The front month rose to a peak of $479.70 on Monday, its highest since April 2017.

* Dealers said a delivery of around 400,000 to 500,000 tonnes of white sugar was expected against the March contract, which expires on Friday.

COCOA

* May New York cocoa CCc2 was up $12, or 0.5%, at $2,457 a tonne with the market underpinned by the strength of the March position in the run-up to next week's expiry.

* Dealers noted March's premium to May CC-1=R rose sharply, climbing to about $161 on Tuesday, up from $139 at the close on Monday.

* Strong demand to receive cocoa against the December contract late last year led to a sharp rise in the front month's premium to more than $200 a tonne at one point.

* May London cocoa LCCc2 rose 6 pounds, or 0.4%, to 1,663 pounds a tonne.

COFFEE

* March arabica coffee KCc1 fell 1.05 cents, or 0.85%, to $1.2305 per lb, weighed down by the weakness of the currency of top arabica producer Brazil. A weak real BRL= boosts dollar-denominated prices in local currency terms in Brazil and can spark producer selling.

* March robusta coffee LRCc1 was up $2, or 0.15%, at $1,337 a tonne in quiet conditions with top robusta producer Vietnam set to begin Tet celebrations on Wednesday.

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