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Raw sugar prices buoyed by strong demand; cocoa slips

LONDON: Raw sugar futures on ICE rose on Friday, with prices still underpinned by strong physical demand that has helped tighten global supplies, but cocoa and coffee prices fell.

SUGAR

October raw sugar rose 2.2% to 18.93 cents per lb by 1419 GMT as the market extended its rebound from the four-month low of 17.71 cents set on Tuesday.

India has extended a deadline for the export of 800,000 tonnes of sugar by two weeks as annual monsoon rains make it tough for many producers to move stocks from factories to ports, the government said on Friday.

Farmers in India have fallen behind in planting key summer-sown crops such as rice, corn and soybeans owing to the uneven distribution of monsoon rainfall, though they could recover ground in the coming week if there is enough rain.

August white sugar rose 2% to $566.20 a tonne.

COCOA

September New York cocoa fell 1.5% to $2,318 a tonne, slipping back towards Tuesday’s one-year low of $2,275. Dealers said the potential for a global economic downturn and conflict in Ukraine to curb demand for chocolate remained a major concern.

Raw sugar prices buoyed by strong demand; cocoa slips

Source: Brecorder

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