SOFTS-Raw sugar near 3-week high; coffee, cocoa gain

Updates with comments and closing prices

NEW YORK/LONDON, Nov 4 (Reuters)Raw sugar futures on ICE hit their highest in nearly three weeks on Friday, thanks to lingering uncertainty over India’s export policy and as global equities and oil prices rose on reports China may relax its COVID rules.

SUGAR

* March raw sugar SBc1 settled up 0.24 cent, or 1.3%, at 18.71 cents per lb, having hit a near three-week top at $18.82.

* Dealers noted the market was still waiting for news from India, a top sugar producer, as to how much sugar it will allow traders to ship this season, plus there is uncertainty on output from Brazil.

* In news, Indonesia, one of the world’s top raw sugar importers, will expand its sugar plantation area to try to become self-sufficient in the next five years and is eyeing development of renewable sugar-based ethanol afterwards.

* December white sugar LSUc1 rose $3.10, or 0.6%, to $539.00 a tonne.

COFFEE

* March arabica coffee KCc2 rose 3.3 cents, or 2.0%, to $1.7165 per lb, recovering after Thursday’s 4.9% slump pushed the market back near a recent 15-month low of $1.6595.

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* Bets that Brazil will produce a bumper crop next year have helped put arabica on the defensive, while there are widespread worries about a demand downturn as global growth slows.

* Traders said ICE certified stocks are set to get a boost after reaching the lowest level in 23 years.

* StarbucksSBUX.O topped estimates for quarterly comparable sales on Thursday.

* Colombia produced 888,000 60-kg bags of washed arabica coffee in October, the national coffee federation said, down 12% from the same month last year because of heavy rain.

* January robusta coffee LRCc2 rose $27, or 1.5%, at $1,869 a tonne.

COCOA

* December New York cocoa CCc1 rose $62, or 2.6%, to $2,434 a tonne, having hit its highest since early June at $2,459.

* March London cocoa LCCc2 rose 44 pounds, or 2.3%, to 1,996 pounds per tonne​.

(Reporting by Marcelo Teixeira and Maytaal Angel; Editing by Alison Williams, Emelia Sithole-Matarise and Shinjini Ganguli)

((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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