SOFTS-Raw sugar futures rise, arabica coffee also gains

  • Reuters
  • Commodities News
SOFTS-Raw sugar futures rise, arabica coffee also gains

LONDON, Feb 1 (Reuters) - Raw sugar futures on ICE (NYSE: ICE ) were higher on Monday while arabica coffee futures also rose, buoyed partly by the strength of the currency of Brazil, the top producer of both commodities.

A stronger Brazilian real BRL= reduces dollar-denominated prices in local currency terms in the South American country and can deter producers from selling.

SUGAR

* March raw sugar SBc1 rose 0.12 cents, or 0.8%, to 15.95 cents per lb by 1308 GMT.

* Dealers said the harvest in India was making good progress but there were concerns that logistical problems, including a shortage of containers, could slow exports.

* They noted that funds could soon begin to roll forward positions out of March contracts. The raws contract expires on Feb. 26 and the whites contract on Feb. 12.

* March white sugar LSUc1 ​​rose $5.30, or 1.2%, to $461.40 a tonne.

* Raw sugar futures SBc1 look set to end this year more than 8% below current levels, with a marginal global surplus this season seen widening slightly in 2021/22, a Reuters poll of 11 traders and analysts showed on Monday. SUG/POLL

COFFEE

* March arabica coffee KCc1 rose 1.75 cents, or 1.4%, to $1.2470 per lb.

* Dealers said the market derived some support from concerns about dry weather in parts of Brazil's coffee belt.

* March robusta coffee LRCc1 was up $9, or 0.7%, at $1,315 a tonne.

COCOA

* March New York cocoa CCc1 was down $10, or 0.4%, at $2,521 a tonne.

* Dealers said there remain concerns that there is still a lot of cocoa available from top grower Ivory Coast and there is talk that there has been active trade in the physical market in recent days at comparatively low levels.

* March London cocoa LCCc1 fell 11 pounds, or 0.6%, to 1,717 pounds a tonne.

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