SOFTS-Raw sugar prices rise, cocoa also climbs
LONDON, Aug 24 (Reuters) – Raw sugar futures on ICE rose on Thursday with supplies set to tighten in coming months, driven partly by the prospect of India banning exports.
SUGAR
* October raw sugar SBc1 settled 1.8% higher, at 24.29 cents per lb
* The market derived support from news that India is expected to ban mills from exporting sugar in the season beginning in October, halting shipments for the first time in seven years.
* “Recent statements from government officials highlight concern that there is not enough sugar to allocate for export quotas, as patchy rain will likely weigh on output over 2023/24 and could also see reduced planting for 2024/25,” ING said in a daily update.
* Dealers also noted sugar production in Centre-South Brazil during the first half of August was slightly lower than expected at 3.46 million metric tons although was still 31.2% above the same period last year.
* A survey issued by S&P Global Commodity Insights put sugar production during the period at 3.54 million metric tons.
* October white sugar LSUc1 fell 10 cents to settle at $693.40 a metric ton.
COCOA
* December London cocoa LCCc2 settled 0.8% higher at 2,742 pounds per metric ton, climbing back up towards last week’s 46-year high of 2,765 pounds.
* Dealers said crop concerns, particularly in Ghana, were helping to drive prices higher.
* December New York cocoa CCc2 settled 0.4% higher at $3,435 a metric ton.
COFFEE
* November robusta coffee LRCc2 settled $4 higher, or 0.2%, at $2,406 a tonne.
* Domestic coffee prices continued to edge down in Vietnam this week amid muted activity as traders awaited new beans from the upcoming crop, while in Indonesia, prices rose slightly on lower supplies, traders said on Thursday.
* December arabica coffee KCc2 settled 0.3% higher at $1.543 per lb.
(Reporting by Nigel Hunt; Additional reporting by Shariq Khan; Editing by Kirsten Donovan and Krishna Chandra Eluri)
((Shariq.Khan@thomsonreuters.com; Twitter: @shariqrtrs;))
Source Link: https://www.nasdaq.com/articles/softs-raw-sugar-prices-rise-cocoa-also-climbs-0
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