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Updates with closing prices and comments
NEW YORK/LONDON, Dec 7 (Reuters) – Raw sugar futures on ICE closed higher on Wednesday, underpinned by disruptions to the cane harvest in Centre-South Brazil caused by recent rains, while arabica coffee prices eased.
SUGAR
* March raw sugar SBc1 settled up 0.09 cents, or 0.5%, at 19.48 cents per lb.
* Dealers said that despite the problems for current harvesting, Brazil rains will be beneficial for next year’s crop.
* Lower gasoline prices in Brazil helped to limit gains, potentially boosting the use of cane to produce sugar rather than biofuel ethanol.
* March white sugar LSUc1 rose $2.20, or 0.4%, at $537.10 a tonne.
COFFEE
* March arabica coffee KCc2 settled down 3.3 cents, or 2.0%, at $1.602 per lb.
* Dealers said the continued rise in exchange stocks of arabica coffee remained a bearish influence.
* ICE certified coffee stocks rose to 658,890 bags on Dec. 7, well above a 23-year low of 382,695 bags set on Nov. 3. There were 404,597 bags pending grading.
* January robusta coffee LRCc1 rose $2, or 0.1%, at $1,918 a tonne.
* The market was keeping a close watch on harvest progress in top robusta producer Vietnam with rains leading to some quality concerns.
COCOA
* March New York cocoa CCc2 rose $5, or 0.2%, to $2,492 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 LCCc2settled up 7 pounds, or 0.4%, to 1,955 pounds per tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt; Editing by Jason Neely 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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