SOFTS-White sugar futures steady but supply tightness underpins

  • Reuters
  • Stock Market News
SOFTS-White sugar futures steady but supply tightness underpins
Credit: © Reuters.

LONDON, Feb 4 (Reuters) - White sugar futures on ICE (NYSE: ICE ) steadied on Thursday as the market consolidated from a near four-year peak hit earlier this week, though prices remained underpinned by supply tightness.

SUGAR

* March white sugar LSUc1 ​​was little changed at $462.50 a tonne at 1148 GMT, having climbed on Tuesday to a peak of $470.40.

* White sugar availability remains limited due to robust demand and a shortage of shipping containers that is prompting those who need sugar to seek it on the exchange.

* Dealers said a significant sell-off in sugar is unlikely near term, but further out prices could retreat as the upcoming harvest from top producer Brazil looms into view.

* March raw sugar SBc1 fell 0.2% to 16.01 cents per lb

COCOA

* March New York cocoa CCc1 ​​rose 0.6% to $2,541 a tonne.

* Cocoa has been trading in a range for much of this year, capped by concerns over plentiful supplies in top producer Ivory Coast, but underpinned by signs demand is recovering, albeit slowly.

* March London cocoa LCCc1 ​​rose 0.8% to 1,735 pounds per tonne​.

COFFEE

* March arabica coffee KCc1 slipped 0.3% to $1.2360 per lb.

* The global coffee market should see a surplus of 5.26 million 60-kg bags in the 2020/21 season, the International Coffee Organization said in a report on Tuesday. Analysts in a Reuters poll see an arabica surplus of 8 million bags for 2020/21, though they expect prices to end the year at $1.35 per pound as the market moves to price in next season's deficit. March robusta coffee LRCc1 edged up 0.2% to $1,346 a tonne. (Editing by Jan Harvey)

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