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SOFTS-Raw sugar hits 8-1/2 month high; cocoa and coffee also rise

11/17/2020 | 07:48am EST

LONDON, Nov 17 (Reuters) - Raw sugar prices on ICE touched an 8-1/2-month high on Tuesday, buoyed by signs that the market is growing tighter and moving towards a wide deficit this season, while cocoa and coffee also rose.


* March raw sugar firmed by 0.02 cents, or 0.1%, to 15.49 cents per lb by 1230 GMT after peaking at 15.66 cents, its highest since mid-February.

* The International Sugar Organization is forecasting a global sugar deficit of 3.5 million tonnes in the 2020/21 season with the production outlook downgraded. It previously forecast a deficit of only 724,000 tonnes.

* Dealers said they now expect supply tightness at least until the Brazilian harvest next year, regardless of what the Indian government decides to do about supporting sugar exports this season.

* India has yet to announce its export policy and there are fears financial support might be limited.

* ICE sugar speculators cut their net long position by 954 contracts to 190,429 in the week ended Nov. 10, CFTC data showed.

* March white sugar was up $0.40, or 0.1%, at $421.20 a tonne, having also hit an 8-1/2 month peak.


* March arabica coffee rose 0.3 cents, or 0.3%, to $1.1905 per lb after touching its highest since mid-September.

* Dealers said prices were being boosted by hurricane Iota, which is devastating central America, a major coffee-growing region.

* ICE coffee speculators switched to a net short position of 304 contracts in the week ended Nov. 10, cutting 2,906 contracts, CFTC data showed.

* U.S. green coffee stocks fell by 264,937 bags to 6.1 million 60kg bags by the end of October, indicating improved demand.

* January robusta coffee fell $8, or 0.6%, to $1,432 a tonne, having hit its highest since early September.


* March New York cocoa rose $37, or 2.2%, to $1,693 a tonne, underpinned by tightness in ICE warehouse stocks <CC-TOTAL-TOT>.

* New York cocoa speculators trimmed their net short position by 503 contracts to 6,275 in the week ended Nov. 10, CFTC data showed.

* March London cocoa was up 62 pounds, or 2.6%, at 2,497 pounds a tonne.

(Editing by David Goodman)

© Reuters 2020
Stocks mentioned in the article
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IOTA (IOT/BTC) 0.00% 1.4E-5 Real-time Quote.40.00%
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IOTA (IOT/EUR) 1.90% 0.37985 Real-time Quote.53.95%
IOTA (IOT/USD) 0.86% 0.45791 Real-time Quote.53.60%
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