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Updates prices, adds context
LONDON, Dec 8 (Reuters) – Raw sugar futures on ICE rose again on Thursday helped by adverse weather in Brazil and India, with hopes that demand from China should improve also driving prices.
SUGAR
* March raw sugar SBc1 rose 1% to 19.67 cents per lb at 1522 GMT, after gaining 0.5% on Wednesday.
* Dealers cited concerns that weather issues in top producers Brazil and India might hit production, although they said traders are waiting for more details.
* As such, prices should consolidate at current levels with a bullish bias likely to result in a slow uptick, they said.
* Oil prices rose thanks to hopes that easing anti-COVID-19 measures in China will revive demand. Rising energy prices can prompt cane mills in Brazil to produce more ethanol at the expense of sugar.
* March white sugar LSUc1 rose 0.8% to $541.60 a tonne.
COFFEE
* January robusta coffee LRCc1 fell 0.2% to $1,864 a tonne, heading back near Wednesday’s one-month peak of $1,887
* Coffee output in top robusta producer Vietnam is expected to drop by a fifth in the current crop year as extended rains and lower levels of nutrition have hit the quality of beans, traders said.
* For the first 11 months of 2022, Vietnam exported 1.58 million tonnes of coffee, up 12.9% from a year earlier, Vietnam Customs said.
* March arabica coffee KCc2 fell 1.5% to $1.5795 per lb.
* Arabica had been boosted of late by some concerns over the flowering of the coffee crop in Brazil and by sporadic hailstorms, but analysts say overall the weather in November was favourable.
COCOA
* March New York cocoa CCc2 rose 1% to $2,518 a tonne.
* Environmental and social problems in global cocoa supply chains are likely to continue unless companies pay farmers substantially more for their beans, according to a major report on cocoa sustainability published on Wednesday.
* March London cocoa LCCc2 rose 0.5% to 1,965 pounds per tonne.
(Reporting by Maytaal Angel; editing by Jonathan Oatis)
((maytaal.angel@thomsonreuters.com(00442075429105)(Reuters Messaging: maytaal.angel.thomsonreuters.com@reuters.net) ))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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