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SOFTS-Raw sugar surges to 8-1/2 month high, cocoa also climbs

11/16/2020 | 09:49am EST

LONDON, Nov 16 (Reuters) - Raw sugar prices on ICE surged to an 8-1/2 month high on Monday, boosted by nearby supply tightness, while cocoa futures were also sharply higher.


* March raw sugar rose 0.53 cents, or 3.5%, to 15.49 cents per lb by 1441 GMT after climbing to a peak of 15.50 cents, the highest level for the front month since Feb. 24.

* Dealers noted the front month's premium to May <SB-1=R> had been rising on nearby supply tightness.

* A poor crop in Thailand this year has helped to tighten supplies while shipments from India have been hit by uncertainty about the extent to which government support might be available given financial issues related to the COVID-19 pandemic.

* "In the short term there is not much room for manoeuvre; all exporters will be shipping as fast as they can, and all importers will be postponing demand as much as they can," said Marex Spectron analyst Robin Shaw.

* Dealers said the prospect of a poor crop in France provided further support for prices.

* March white sugar was up $13.40, or 3.3%, at $420.20 a tonne.

* A total of 618,300 tonnes of white sugar has been tendered against the December contract on ICE Futures Europe, exchange data showed on Monday.

* Dealers said the inclusion of Algerian sugar may indicate a lack of demand in the North African region.


* March New York cocoa rose $60, or 2.5%, to $2,425 a tonne.

* Dealers noted there was a lack of cocoa available to tender against the December contract, which had led to a surge in its price of more than 11% on Monday.

* March London cocoa rose 35 pounds, or 2.2%, to 1,643 pounds a tonne.


* March arabica coffee was up 2.4 cents, or 2.1%, to $1.1460 per lb.

* January robusta coffee rose $23, or 1.6%, to $1,433 a tonne. (Reporting by Nigel Hunt Editing by Jane Merriman and David Goodman )

© Reuters 2020
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