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LONDON SUGAR

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

11/17/2020 | 07:02pm EST

NEW YORK/LONDON, Nov 17 (Reuters) - Raw sugar prices on ICE touched an 8-1/2-month high on Tuesday, buoyed by signs the market is growing tighter and moving towards a wide deficit this season, before pulling back later in the day.

Cocoa and coffee also rose.

SUGAR

* March raw sugar dropped by 0.17 cents, or 0.5%, to settle at 15.31 cents per lb, pulling back after earlier 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, data showed.

* March white sugar was down $6.80, or 2%, at $414.10 a tonne, having also hit an 8-1/2 month peak.

COFFEE

* March arabica coffee settled up 0.75 cents, or 0.6%, at $1.195 per lb, the 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, data showed.

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

* January robusta coffee settled down $24, or 1.7%, at $1,416 a tonne, having hit its highest since early September.

COCOA

* March New York cocoa settled up $82, or 3.4%, to $2,517 a tonne, underpinned by tightness in ICE warehouse stocks <CC-TOTAL-TOT>, improved demand prospects and unrest in top producer Ivory Coast.

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

* March London cocoa settled up 48 pounds, or 2.9%, to 1,704 pounds per tonne.

* December arabica coffee settled up 0.55 cents, or 0.5%, at $1.162 per lb.

* March arabica coffee settled up 0.75 cents, or 0.6%, at $1.195 per lb .

* November robusta coffee settled down $23, or 1.6%, at $1,403 a tonne.

(Reporting by Maytaal Angel, Additional reporting by Jessica Resnick-Ault; Editing by David Goodman and Sam Holmes)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
IOTA (IOT/BTC) 0.00% 1.3E-5 Real-time Quote.30.00%
IOTA (IOT/ETH) 0.87% 0.000346 Real-time Quote.-14.89%
IOTA (IOT/EUR) -3.21% 0.37969 Real-time Quote.62.01%
IOTA (IOT/USD) -2.30% 0.4608 Real-time Quote.59.57%
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