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LONDON, Dec 5 (Reuters) – Raw sugar futures on ICE rose on Monday amid worries over supply prospects in top producers Brazil and India, and as sentiment in the wider financial markets improved thanks to Chinese cities easing some COVID-related restrictions.
SUGAR
* March raw sugar SBc1 rose 1.9% to 19.84 cents per lb at 1257 GMT.
* Dealers cited talk that India, the world’s second largest sugar exporter after Brazil, might have just 1 million tonnes of sugar exports left under the current quota.
* Also, India’s sugar output is likely to fall 7% this year as erratic weather conditions have cut cane yields, farmers, millers and traders said.
* The Thai sugar harvest has meanwhile been delayed, dealers said, while prolonged rains in Brazil are expected to have hurt cane harvest progress.
* ICE raw sugar speculators cut their net long position by 6,424 contracts to 115,079 in the week to Nov. 29, data showed.
* March white sugar LSUc1 rose 2.2% to $544.80 a tonne.
COFFEE
* March arabica coffee KCc2 rose 0.7% to $1.6370 per lb.
* ICE arabica coffee speculators trimmed their net short position by 1,893 contracts to 22,559 in the week to Nov 29, data showed.
* “Production and export expectations in Brazil have been downgraded following a negative postflowering evolution,” said Fitch Solutions in a note.
* January robusta coffee LRCc1 rose 0.7% at $1,858 a tonne.
COCOA
* March New York cocoa CCc2 dipped 0.1% to $2,533 a tonne.
* Cocoa arrivals at ports in top grower Ivory Coast reached 838,000 tonnes between the season start on Oct 1 to Dec. 4, up 6.1% from a year ago, exporters estimated.
* ICE New York cocoa speculators increased their net short position by 5,103 contracts to 14,149 in the week to Nov. 29, data showed.
* March London cocoa LCCc2 fell 0.7% to 1,957 pounds per tonne.
(Reporting by Maytaal Angel; editing by David Evans)
((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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