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Updates with market activity, comments and closing prices
NEW YORK/LONDON, Dec 14 (Reuters) – Raw sugar futures on ICE rose more than 2% on Wednesday to a one-month high following higher oil prices amid tight near-term supply. Arabica coffee futures were little changed as a technical-driven rally ran out of steam.
SUGAR
* March raw sugar SBc1 settled up 0.53 cents, or 2.7%, at 20.29 cents per lb, after hitting a one-month high of 20.41 earlier in the session.
* Dealers said sugar was boosted partly by higher energy prices, which could lead to higher cane-based ethanol production in places such as India and Brazil, with resulting lower sugar output.
* They also said that supplies were expected to be ample next year although there remained some short-term tightness, partly driven by delays to harvest in major exporter Thailand.
* March white sugar LSUc1 rose $14.50, or 2.7%, to $554.80 a tonne.
COFFEE
* March arabica coffee KCc2 settled up 0.25 cents, or 0.1%, at $1.6815 per lb, a two-week high.
* Dealers said the market lost some momentum after rallying earlier this week, weighed down partly by the continued rise in exchange stocks.
* ICE-certified coffee stocks stood at 717,646 bags on Dec. 13, the highest since July 20 and well above a 23-year low of 382,695 bags set on Nov. 3.
* March robusta coffee LRCc2 rose $5, or 0.3%, to $1,877 a tonne.
* Dealers noted the harvest in top robusta producer Vietnam was around 70% complete with further rains adding to concerns about the quality of the crop.
COCOA
* March London cocoa LCCc1 settled down 1 pound, or 0.1%, to 1,950 pounds per tonne.
* A total of 82,770 tonnes of cocoa was tendered against the ICE December London cocoa contract LCCZ2, exchange data showed on Wednesday.
* March New York cocoa CCc2 fell $17, or 0.7%, to $2,524 a tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt; Editing by Louise Heavens, Elaine Hardcastle and Shounak Dasgupta)
((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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