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Wednesday, December 7, 2022

Raw sugar futures fall, arabica regains ground

LONDON: Raw sugar futures on ICE fell on Wednesday amid strong Brazilian exports, while arabica coffee prices regained some ground after last week’s slide to a 15-month low.

SUGAR: March raw sugar was 1.2% lower at 18.21 cents per lb by 1406 GMT.

Investors kept a close watch on Brazil after former president Luiz Inacio Lula da Silva narrowly won Sunday’s presidential election.

Brazilian president Jair Bolsonaro on Tuesday did not concede defeat in his first public remarks since losing Sunday’s election but stopped short of contesting the election result.

Brazilian authorities said on Wednesday they were making some headway in clearing blockades set up across the country by truckers to protest Bolsonaro’s narrow loss.

Dealers said the market was also awaiting news on India’s export quota for the new marketing year which began on Oct. 1, with an announcement possible this week.

“There is still no certainty about the Indian export quotas, expected to be announced well over a month ago,” Rabobank said in a note.

Brazil’s sugar exports surged to 3.75 million tonnes in October from 2.31 million tonnes a year earlier.

December white sugar fell 0.6% to $529.40 a tonne.

COFFEE: March arabica coffee rose 2% to $1.7805 per lb?, extending its rebound from a 15-month low of $1.6595 set on Friday.

Dealers said a drop in exports from Honduras and Costa Rica during October had helped to tighten short-term supplies, with December’s premium to March widening.

January robusta coffee rose 2.2% to $1,880 a tonne after setting a 14-month low of $1,826 on Tuesday.

COCOA: December New York cocoa rose 1.3% to $2,378 a tonne. March London cocoa rose 0.7% to 1,911 pounds a tonn.

Raw sugar futures fall, arabica regains ground

Source: Brecorder

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