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NEW YORK/LONDON, March 30 (Reuters) – White sugar futures on ICE rose to their highest in more than 10 years on Thursday, buoyed by tight supplies, while robusta coffee and cocoa prices also climbed.
SUGAR
* Dealers said the market was supported by tight supplies after lower-than-expected production in several countries, including India and Thailand.
* The European Union expects a decline in production to lead to a rise in imports and a fall in the planted area for the 2023/24 season.
* May raw sugar SBc1 rose 0.71 cent, or 3.3%, at 21.96 cents per lb, a contract high.
COFFEE
* Robusta coffee supplies have also tightened in top producer Vietnam as farmers who had already sold most of their stocks refrained from releasing the remaining beans, traders said on Thursday.
* Dealers said robusta coffee’s discount to arabica has fallen sharply to about $1,580 a tonne from around $2,100 in mid-February.
COCOA
* May New York cocoa CCc1 settled up $37, or 1.3%, at $2,917 a tonne, after hitting a more than two-year peak of $2,927.
(Reporting by Marcelo Teixeira and Nigel Hunt Editing by David Goodman and Shilpi Majumdar)
((marcelo.teixeira@tr.com; +1 332 220 8062; 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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