(Includes closing prices, comments)
NEW YORK/LONDON, Feb 1 (Reuters) - Raw sugar futures on ICE (NYSE: ICE ) were higher on Monday, boosted by nearby supply tightness in the physical market, while arabica coffee and cocoa prices also advanced in a positive day for most commodities and equities. O/R MKTS/GLOB
* March raw sugar SBc1 rose 2% to 16.15 cents per lb.
* Dealers said March's premium to May SB-1=R was widening ahead of its expiry this month as stronger-than-expected demand tightens the physical market.
* They noted the outlook for prices could hinge on whether the extra demand is front-loading or rather reflects global consumption that is higher than previously believed.
* "It certainly was (front-loading) in the case of China ... In other countries we have seen no hard evidence of front-loading," said Robin Shaw, analyst with Marex Spectron.
* March white sugar LSUc1 rose $8.60, or 2.1%, to $464.70 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 2021/2022, a Reuters poll of 11 traders and analysts showed on Monday. SUG/POLL
* March arabica coffee KCc1 settled up 2.4 cents, or 2.0%, at $1.2535 per lb.
* Dealers said the market derived some support from concerns over dry weather in parts of Brazil's coffee belt.
* A Sao Paulo-based broker said Brazil's spot coffee market remained firm as producers hold remaining stocks due to the expectation of reduced availability this year.
* "But differentials remain stable, so the market might have already priced in this smaller Brazilian crop," he said.
* Brazilian coffee exports were higher in January compared to a year ago, the government said. March robusta coffee LRCc1 settled up $14, or 1.1%, at $1,320 a tonne.
* March New York cocoa CCc1 settled up $16, or 0.6%, to $2,547 a tonne.
* Dealers said there remain concerns that there is still a lot of cocoa available from top grower Ivory Coast, with talk that there has been active trade in the physical market in recent days at comparatively low levels.
* March London cocoa LCCc1 settled up 11 pounds, or 0.6%, to 1,739 pounds per 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.