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LONDON COFFEE

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SOFTS-Sugar, coffee and cocoa rise as dollar weakens post Biden win

11/09/2020 | 08:39am EST

LONDON, Nov 9 (Reuters) - Sugar, coffee and cocoa futures all rose on Monday as the dollar remained weak in the wake of Joe Biden's election as U.S. president, and as promising news from Pfizer's COVID-19 vaccine candidate lifted risk appetite.

A weak dollar makes dollar-priced commodities cheaper for non-U.S. investors.

SUGAR

* March raw sugar rose 0.09 cent, or 0.6%, to 15 cents per lb, heading closer to the eight-month high of 15.23 cents hit last week.

* Dealers said rumours that this season's sugar export subsidies from India, a top producer, would be less than half of last season's were also buoying sugar.

* Elsewhere, concerns persist the sugar market will remain tight at least until top producer Brazil starts to harvest its new crop next year.

* Speculators cut their net long position in ICE raw sugar by 19,952 contracts to 191,382 contracts in the week to Nov. 3 .

* December white sugar, which expires next Friday, was up $0.7, or 0.2%, at $401 a tonne.

COFFEE

* December arabica coffee rose 1.3 cent, or 1.2%, to $1.0840 per lb.

* Arabica has gained some support from concerns recent dry weather could contribute to a significant production decline in top grower Brazil next year.

* One dealer said the dollar weakness expected following Biden's win, plus a recovery in demand as coronavirus cases recede, should life coffee prices longer term.

* January robusta coffee rose $14, or 1%, to $1,364 a tonne.

COCOA

* March New York cocoa rose $77, or 3.3%, to $2,416 a tonne, having hit its highest in 1-1/2 weeks earlier.

* Cocoa arrivals at ports in top grower Ivory Coast reached 485,000 tonnes between Oct. 1 and Nov. 8, up 8% from the same period last season.

* Cocoa prices have been bolstered by some disruptions to the flow of supplies in Ivory Coast after a disputed presidential election, with opposition leader Pascal Affi N'Guessan under arrest for creating a rival government.

* March London cocoa rose 32 pounds, or 2%, to 1,642 pounds per tonne. (Reporting by Maytaal Angel; Editing by Mark Potter)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) 0.03% 6.6552 Delayed Quote.2.58%
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