SOFTS-Raw sugar recovers after hitting two-week low

  • Reuters
  • Commodities News
SOFTS-Raw sugar recovers after hitting two-week low
Credit: © Reuters.

LONDON, Jan 29 (Reuters) - Raw sugar futures on ICE (NYSE: ICE ) edged up on Friday after earlier hitting a two-week low, as funds took a pause on buying amid mixed signals from the wider financial markets. MKTS/GLOB USD/ O/R GRA/

SUGAR

* March raw sugar SBc1 rose 0.5% to 15.66 cents per lb at 1331 GMT, having earlier hit a low of 15.55.

* Dealers said the market has lost upward momentum after climbing to the highest in more than 3-1/2 years earlier this month, but there remained solid support around 15.50 cents.

* "From a fundamental perspective there is probably limited reason for prices to slump, as much as the rally to 16.75 was difficult to justify," said a dealer.

* March white sugar LSUc1 rose 1.7% to $448.90 a tonne.

COCOA

* March New York cocoa CCc1 rose 0.3% to $2,517 a tonne, after hitting a two-week low on Thursday.

* European warehouse cocoa stocks fell by 1.5% in the 2019/20 season, according to an International Cocoa Organization (ICCO) survey. Chocolate maker Mondelez MDLZ.O on Thursday beat Wall Street estimates for fourth-quarter revenue and earnings, boosted by higher demand for its snacks and Oreos. March London cocoa LCCc1 ​​edged up 0.1% to 1,722 pounds per tonne, after slipping to a two-week low on Thursday.

COFFEE

* March arabica coffee KCc1 fell 0.9% to $1.2280 per lb​​.

* A forecast for Honduran arabica exports this season has been cut by about 11%, national coffee institute IHCAFE said, citing damage from two recent hurricanes that helped spread a persistent fungus. "Coffee prices have picked up considerably, not least due to the prospect of the off-year in Brazil. New lockdown fears had pushed the price to a little over 100 cents (in) November, and arabica is currently trading at 126 cents," said Commerzbank (DE: CBKG ) in a note.

* March robusta coffee LRCc1 fell 0.8% to $1,302 a tonne.

* Vietnam's coffee exports in January are estimated to have dropped 17.6% from a year earlier to 120,000 tonnes, data showed. by Jan Harvey)

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  • Ana Claudia Cordeiro @Ana Claudia Cordeiro
    Congratulations to you for your job, but this picture doesn't represent the sugar cane cut process. Here in Brazil it's forbidden to set fire in fields since 2000 year's.
    Like 0

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