SOFTS-White sugar futures climb to near four-year high

  • Reuters
  • Commodities News
SOFTS-White sugar futures climb to near four-year high

(Updates prices)

LONDON, Feb 5 (Reuters) - White sugar futures on ICE (NYSE: ICE ) rose to their highest level in nearly four years on Friday with the market buoyed by the strength of front month March LSUH1 in the run-up to next week's expiry.

SUGAR

* March white sugar LSUc1 rose $3.50, or 0.75%, to $468.90 per tonne by 1510 GMT after peaking at $474.10, the highest level for the front month contract since April 2017.

* Dealers noted there appeared to be significant interest in taking delivery of sugar when the March contract expires next Friday.

* Interest in taking delivery has been buoyed by tightness in the physical market linked to a shortage of containers in countries such as India which has left the market more reliant on the break bulk supplies on which the contract is based.

* March raw sugar SBc1 rose 0.11 cents, or 0.7%, to 16.16 cents per lb.

COCOA

* May New York cocoa CCc2 was up $3, or 0.1%, at $2,453 a tonne.

* Dealers noted the premium for front month March to May CC-1=R had widened to around $117 from $89 at the close on Thursday as the market waited to see the extent to which there would be interest in taking delivery.

* 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 fell 6 pounds, or 0.4%, to 1,657 pounds a tonne.

* Cocoa arrivals at ports in top grower Ivory Coast reached 1.337 million tonnes between October 1 and January 31, down 3% from the same period last season, data from the cocoa regulator (CCC) showed on Friday. March arabica coffee KCc1 rose 0.7 cents, or 0.6%, to $1.2475 per lb.

* March robusta coffee LRCc1 was up $1, or 0.1%, at $1,344 a tonne.

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