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Updates prices
LONDON, Oct 31 (Reuters) – Raw sugar futures on ICE rose on Monday as traders digested Luiz Inacio Lula da Silva’s win in Brazil’s presidential election and remained on edge over India’s sugar export policy.
Arabica coffee, meanwhile, recovered from 15-month lows.
SUGAR
* March raw sugar SBc1 rose 2% to 17.93 cents per lb by 1457 GMT, having hit a 3-1/2 week low on Friday and closed the week 4.35% down.
* Brazilian leftist leader Lula narrowly defeated President Jair Bolsonaro in a run-off election, but the far right incumbent did not concede defeat on Sunday night.
* Investors are closely watching for any signs Bolsonaro will question results, potentially fuelling political tension that could create turmoil in Latin America’s largest economy.
* Sugar dealers noted Brazil’s congress is likely to remain pro-Bolsonaro, which will stifle Lula’s ability to get his policies approved.
* Dealers added that sugar could try find a floor at these levels after the recent price drop, especially given the uncertainty over India’s export policy.
* India, a major sugar producer, has extended curbs on sugar exports by one year until October 2023, the government said, but is still expected to fix a quota this week for overseas sales.
* December white sugar LSUc1 rose 2.6% to $528.90 a tonne.
COFFEE
* December arabica coffee KCc1 gained 2.9% to $1.7475 per lb after touching a 15-month low of $1.6775 on Friday.
* The contract lost 11% last week, pressured by an improving crop outlook in top producer Brazil and concerns over demand in the face of a broad global economic slowdown.
* January robusta coffee LRCc2 rose 0.4% to $1,856 a tonne after dipping to a 14-month low of $1,833 on Friday.
* Coffee exports from top robusta producer Vietnam are estimated to have increased 10.6% year on year in the first 10 months of this year to 1.4 million tonnes, the General Statistics Office said.
COCOA
* December New York cocoa CCc1 rose 1.3% to $2,331 a tonne, having settled 0.5% down on Friday.
* March London cocoa LCCc2 was up 0.8% at 1,875 pounds per tonne.
(Reporting by Maytaal Angel Editing by David Goodman and Maju Samuel)
((maytaal.angel@thomsonreuters.com(00442075429105)(Reuters Messaging: maytaal.angel.thomsonreuters.com@reuters.net) ))
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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