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NEW YORK/LONDON, April 3 (Reuters) – White sugar futures on ICE rose to their highest in more than 10 years on Monday, boosted by a diminishing production outlook and rising energy prices.
SUGAR
* May white sugar LSUc1 settled up $3.10, or 0.5%, at $633.40 a tonne, after climbing to a 10-1/2-year high of $643.
* India, Thailand, China and the European Union have also had production outlooks downgraded in recent weeks.
* Higher energy prices after a surprise OPEC+ cut to production targets were also supportive.
* May raw sugar SBc1 rose 0.15 cent, or 0.7%, to 22.40 cents per lb, after peaking at 22.63 cents — the highest level for the front-month since October 2016.
COFFEE
* Dealers said the market was focused on the coming harvest in top producer Brazil, with recent favourable conditions improving the outlook.
* Brazil exported 2.72 million 60-kg bags of coffee in March, 20% less than a year ago, the government said.
* The market has tightened, with shipments from top robusta producer Vietnam running behind last year’s pace while there has also been a pick-up in demand.
COCOA
* May New York cocoa CCc1 fell $65, or 2.2%, to $2,868 a tonne.
* Main-crop cocoa arrivals at ports in top grower Ivory Coast since the start of the season on Oct. 1 had reached 1.779 million tonnes by March 31, down 4.8% from the same period of the previous season, exporters estimated on Monday.
* May London cocoa LCCc1 fell 38 pounds, or 1.8%, to 2,121 pounds per tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt Editing by Susan Fenton, 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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