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SOFTS-Raw sugar bounces off 3-week low and ends flat; cocoa and coffee weaken

12/01/2020 | 05:09pm EST

NEW YORK/LONDON, Dec 1 (Reuters) - Raw sugar futures on ICE bounced off the lowest level in more than three weeks and ended unchanged on Tuesday, while cocoa and coffee prices weakened.


* March raw sugar settled the session unchanged at 14.51 cents per pound, after dipping to a low of 14.40 cents, the weakest since Nov. 6.

* Dealers said the market appeared to have lost its upward momentum after its run-up to an 8-1/2-month high in mid-November and funds were now scaling back long positions.

* The market continued to await an announcement from India on its export policy for the current season with a lower volume of subsidised exports, perhaps of around 5 million tonnes, now anticipated in the current season.

* March white sugar settled the session unchanged at $398.80 a tonne after hitting an intraday high of $404.70.


* March New York cocoa settled down $48, or 1.8%, to $2,691 a tonne.

* Dealers said there had been a strong start to the main crop in top grower Ivory Coast although recent dry weather has raised some concerns.

* "Though deliveries in Ivory Coast are so far 12% up year-on-year, there are fears that below-average rainfall could significantly drive down the crop volume early in 2021," Commerzbank said in a note.

* Dealers noted weak demand was also weighing on prices although some recovery is anticipated in 2021 as restrictions linked to the COVID-19 pandemic are lifted.

* March London cocoa settled down 36 pounds, or 1.9%, to 1,822 pounds per tonne.


* March arabica coffee settled down 4.85 cents, or 3.9%, at $1.1845 per lb with recent rains providing some relief to crops in southern Brazil.

* March robusta coffee fell $17, or 1.2%, to $1,388 a tonne. (Reporting by Nigel Hunt in London, additional reporting by Jessica Resnick-Ault Editing by Louise Heavens, Matthew Lewis and David Gregorio)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) 0.12% 6.387 Delayed Quote.-0.49%
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