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NEW YORK/LONDON, Feb 13 (Reuters) – Raw sugar futures closed lower on Monday, slipping back from the prior session’s six-year peak, with the market’s focus on the expiry of the March whites contract.
SUGAR
* March raw sugar SBc1 settled down 0.38 cent, or 1.8%, at 21.20 cents per lb. The front month had risen to a six-year peak of 21.89 cents on Friday.
* Dealers said the market continued to derive support from supply tightness, which is expected to persist at least until early in the second quarter of this year.
* March white sugar LSUH3, which expired on Monday, fell $7.80, or 1.4%, at $563.00 a tonne.
* It is a relatively small volume. Last year there were 358,650 tonnes tendered against the March 2022 contract.
COFFEE
* May arabica coffee KCc2settled up 2.1 cents, or 1.2%, at $1.7675 per lb.
* Dealers said the market continued to focus on the outlook for this year’s arabica crop in Brazil, with many expecting it will not be as large as had been expected a few months ago.
* They also noted that exchange stocks were beginning to fall, with the recent backlog of grading now cleared.
* Certified arabica stocks at the Intercontinental Exchange (ICE) showed a small decrease on Monday to 873,104 60kg bags, after climbing to a 7-1/2-month high of 891,933 bags on Feb. 8.
* May robusta coffee LRCc2rose $5, or 0.2%, at $2,044 a tonne.
COCOA
* May New York cocoa CCc2settled up $51, or 2.0%, to $2,657 a tonne.
* Dealers noted port arrivals in top grower Ivory Coast were still running marginally ahead of last season, although the gap had narrowed in the last few days.
* Ivory Coast cocoa exporters are close to defaulting on their contracts due to a lack of beans and urgently need up to 150,000 tonnes to honour their commitments, seven sources who attended a crisis meeting with the regulator told Reuters.
* May London cocoa LCCc2rose 34 pounds, or 1.7%, to 2,043 pounds per tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt; Editing by Marguerita Choy and Paul Simao)
((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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