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SOFTS-Sugar, coffee fall on profit taking as traders digest Biden win

11/09/2020 | 11:15am EST

LONDON, Nov 9 (Reuters) - ICE sugar and coffee futures fell on Monday on profit taking, reversing earlier gains on news of Joe Biden's election as president of the United States and promising developments from Pfizer's COVID-19 vaccine candidate.


* March raw sugar fell 0.13 cents, or 0.8%, to 14.80 cents per lb, having hit an eight-month high of 15.23 cents last week.

* The dollar was weak against a currency basket, making dollar-priced commodities like sugar cheaper for non-U.S. investors.

* 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 underpinning sugar.

* Elsewhere, concerns persist the sugar market will grow 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 on Friday, was down $2.3, or 0.6%, at $397.80 a tonne.


* December arabica coffee edged up 0.1 cents, or 0.1%, to $1.0695 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 lift coffee prices longer term.

* January robusta coffee slipped $2, or 0.2%, to $1,347 a tonne, having hit its highest since late September.


* March New York cocoa rose $62, or 2.7%, to $2,400 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 33 pounds, or 2.1%, to 1,644 pounds per tonne. (Reporting by Maytaal Angel; Editing by Mark Potter and Jan Harvey)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) 0.12% 6.4045 Delayed Quote.0.54%
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