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NEW YORK/LONDON, Feb 10 (Reuters) – Raw sugar futures on ICE rose on Friday and hit a six-year high as the market continued to be supported by ideas of a tight supply. Arabica coffee prices also rose.
SUGAR
* March raw sugar SBc1 settled 0.13 cent, or 0.6%, higher at 21.58 cents per lb. The front month rose to a six-year peak of 21.89 cents earlier in the session. It gained 1.6% in the week.
* “Concerns over global sugar supplies have been triggered by expectations of a slowdown in production in both the EU, particularly in the bloc’s second-largest producer, France, and India,” Fitch Solutions wrote in a note.
* Brazil’s center-south sugarcane crushing totaled 307,000 tonnes in the second half of January, industry group Unica said on Friday, up from the same period last year when processing had already been halted by this time.
* Thailand expects to export 9 million tonnes of sugar in the production year 2022/23, up 17% from a year earlier, the Office of the Cane and Sugar Board said.
* March white sugar LSUc1, which expires on Monday, fell $1.50, or 0.3%, at $570.80 a tonne. But the contract gained 3.5% in the week.
COFFEE
* May arabica coffee KCc2 settled 0.95 cents, or 0.5%, higher at $1.7465 per lb. The contract gained 0.78% in the week.
* Dealers said the size of Brazil’s coffee crop this year remained a key focus with many now not expecting it to be as large as had been expected a few months ago.
* Coffee production in the area of operation of Brazil’s Cooxupe, the world’s largest coffee co-op, will be larger in 2023 than it was in 2022 but not a record, Cooxupe representatives said on Thursday.
* Certified arabica stocks at ICE exchange fell for the third consecutive day and there is no more coffee pending grading.
* May robusta coffee LRCc2 rose $7, or 0.3%, at $2,039 a tonne.
COCOA
* May New York cocoa CCc2 settled $12, or 0.5%, lower at $2,606 a tonne. The contract lost 1% in the week.
* May London cocoa LCCc2 rose 8 pounds, or 0.4%, to 2,009 pounds per tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt; Editing by Jonathan Oatis and Krishna Chandra Eluri)
((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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