LONDON: Raw sugar futures on ICE edged up on Friday boosted by a softer dollar but the market remained on course for an annual loss of around 23 percent, weighed down by rising global production.
Cocoa futures in both London and New York were lower while arabica and robusta coffee were little changed.
London-based robusta coffee and white sugar futures had abbreviated trading sessions ahead of the New Year holiday. Both markets will re-open on Tuesday.
SUGAR
March raw sugar was up 0.03 cents, or 0.2 percent, at 15.03 cents a lb at 1507 GMT, edging up towards the prior session’s three-week high of 15.05 cents.
Dealers said fund short-covering had contributed to the recent run-up in prices but the scope for further gains was capped by ample global supplies.
A decline in the dollar to a three-month low against a basket of currencies was also supportive for prices denominated in the US currency.
Russia’s sugar production from its own beet is expected to rise to a new record of 6.6 million tonnes in the 2017/18 marketing season which started on Aug. 1, up from 6.2 million tonnes in the previous season, its Sugar Producers’ Union said.
March white sugar settled $0.90, or 0.2 percent, higher at $394.70 a tonne.
White sugar futures ended 2017 with an annual loss of 25 percent.
COCOA
March London cocoa was down 27 pounds, or 1.9 percent, at 1,366 pounds a tonne, weakened by a stronger pound and abundant global supplies.
London cocoa prices are on track for an annual loss of around 21 percent.
March New York cocoa was off $33, or 1.7 percent, at $1,878 a tonne with the market on course for an annual loss of about 12 percent.
COFFEE
March robusta coffee ended $3, or 0.2 percent, higher at $1,718 a tonne, supported by the softer dollar.
Robusta coffee prices finished with an annual loss of 20 percent with supplies boosted by rising production in top grower Vietnam.
March arabica coffee rose 0.05 cent, or 0.04 percent, to $1.2485 per lb with the market on track for an annual loss of about nine percent.
Source: Brecorder.com
