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.
* 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
* 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.
* 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.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.