Raw sugar slips from near two-week high on weather concerns globally

Published 2024년 8월 1일

Tridge summary

Raw sugar futures saw little change on Wednesday, slipping from a nearly two-week high due to concerns about dry weather in Brazil, despite potential short-covering by funds. October raw sugar was down 0.2% at 19.08 cents per lb, while October white sugar rose 0.1% to $539.20 a ton. Coffee prices rose, with September arabica coffee climbing 1.3% to $2.3385 per lb and September robusta coffee increasing by 0.4% to $4,283 a ton, supported by dry weather in Brazilian coffee areas and a slow pace of exports from the top robusta producer, Vietnam. However, September London cocoa fell 1.8% to 6,428 pounds a ton, and September New York cocoa decreased by 1.2% to $8,035 a ton, despite generally favourable weather in Ivory Coast boosting the outlook for 2024/25 crops.

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Original content

Raw sugar futures were little changed on Wednesday amid concerns around dry weather in Brazil, slipping from a nearly two-week high earlier, while coffee prices rose. SUGAR * October raw sugar on the Intercontinental Exchange (ICE) SBc1 was down 0.2% at 19.08 cents per lb by 1021 GMT, after climbing to as high as 19.32 cents. * Dealers said there are concerns about dry weather in Brazil, although a slight decline in production in the key Centre-South region may already have been priced in. * The market has also been supported by fund short-covering, with the market regaining some ground after its sharp decline earlier this month. * October white sugar LSUc1 rose 0.1% to $539.20 a ton. COFFEE * September arabica coffee KCc1 climbed 1.3% to $2.3385 per lb. * Dealers said dry weather in coffee areas of Brazil was providing some support for prices. * September robusta coffee LRCc1 rose 0.4% to $4,283 a ton. * Dealers said the slow pace of exports from top robusta producer Vietnam ...

Source: Hellenic Shipping News