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Updates with market activity and comments, adds closing prices
NEW YORK/LONDON, Sept 12 (Reuters) – Raw sugar futures on ICE rose on Monday, while whites saw the front month October set a contract high, buoyed by tight supplies of the sweetener.
The exchange on Monday said that trading of London-based white sugar, robusta coffee and cocoa contracts would be closed on Sept. 19 due to the state funeral of Queen Elizabeth.
SUGAR
* October raw sugar SBc1 settled up 0.13 cent, or 0.7%, at 18.35 cents per lb.
* Dealers said the market was supported by supply tightness, with October trading at a premium to March SB-1=R of about 0.44 cents on Monday.
* “The market needs a good chunk of Indian sugar (preferably raws) and in present conditions it looks unlikely to get it unless the world price goes up to somewhere above 19 cents,” broker Marex wrote in a note.
* October white sugar LSUV2>, which expires on Thursday, settled up $25.00, or 4.3%, at $613.00 a tonne, a contract high. It was the highest price for white sugar since late September 2016.
COFFEE
* December arabica coffee KCc2fell 3.75 cents, or 1.6%, to $2.2475 per lb,slipping further away from a six-month peak of $2.4295 set on Aug. 25.
* Dealers said recent showers in Brazil and forecasts for more rain during the next two weeks had lessened to some extent concern about dry weather in the world’s top producer and funds had scaled back a net long position.
* November robusta coffee LRCc2 fell $1 to $2,263 a tonne.
COCOA
* December New York cocoa CCc2settled up $26, or 1.1%, at $2,386 a tonne.
* Abundant rain last week in most of Ivory Coast’s cocoa-growing regions will boost the development of the October-to-March main crop, which is due to start early, farmers said on Monday. [nL1N30J0MW]
* December London cocoa LCCc2 fell 11 pounds, or 0.6%, to 1,843 pounds per tonne.
* Ivory Coast has started selling cocoa contracts for the 2023/24 season with a non-negative premium for the first time in three years, industry sources said on Monday, as the regulator seeks to support farmers.
(Reporting by Marcelo Teixeira and Nigel Hunt; Editing by Mark Porter and Maju Samuel)
((marcelo.teixeira@tr.com; +1 332 220 8062; Reuters Messaging: marcelo.teixeira.thomsonreuters.com@reuters.net – https://twitter.com/tx_marcelo))
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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