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Monday, September 26, 2022

Raw sugar prices steady as global growth worries linger

LONDON: Raw sugar futures on ICE steadied on Monday after hitting a month high in the previous session, with the market capped by a strong dollar and fears global inflation could trigger a recession.

Sugar

October raw sugar fell 0.3% to 18.96 cents per lb at 1119 GMT, but remained well off a 4-month low of 17.71 cents hit early last week.

Speculators sold 40,627 contracts in ICE raw sugar in the week to July 5, switching to a net short position of 39,021 lots, data showed.

Dealers said demand for commodities may not drop too much over the next few months as the global economy is still growing, despite recession fears. This, they said, should underpin sugar at around current levels.

August white sugar rose 1.8% to $579 a tonne.

Cocoa

September New York cocoa rose 1.7% to $2,357 a tonne, having hit a one year low last week.

ICE New York cocoa speculators increased their net short position by 10,758 contracts to 27,444 in the week to July 5, data showed.

Dealers said heavy rains in top cocoa producer Ivory Coast have aided crop prospects, pressuring prices.

Major cocoa buyers have agreed to pay a premium and back a price floor on cocoa sold by Ivory Coast and Ghana as part of a deal to combat poverty among farmers.

September London cocoa rose 1.9% to 1,749 pounds per tonne.

Coffee

September arabica coffee fell 1.2% to $2.1785 per lb, after hitting a 1-1/2 month low on Friday.

ICE coffee speculators raised their net long position by 3,735 contracts to 23,648 in the week to July 5, data showed.

U.S. coffee roasters are paying the highest prices in more than a decade for green coffee in domestic storage, as reduced imports have hit supplies, along with surging transportation and labour costs.

September robusta coffee fell 0.3% to $1,976 a tonne.

Raw sugar prices steady as global growth worries linger

Source: Brecorder

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