Updates prices, adds details

LONDON, Dec 8 (Reuters)Raw sugar futures on ICE rose on Friday, although the market was still headed for a near double-digit weekly fall in percentage terms, under pressure from increased supplies in top producer Brazil.


* March raw sugar SBc1 rose 1.9% to 23.47 cents per lb at 1541 GMT, after dipping to a four-month low of 22.80 cents on Thursday.

* Dealers said India’s move to direct sugar mills to focus on sugar output and not to use cane juice or syrup to produce ethanol was not as bearish as one might think, given it will still not allow for exports.

* Still, they noted that funds continue to liquidate their long positions or go outright short, meaning sugar prices will likely continue slipping in the near term.

* Brazil’s sugar output in the centre-south is expected to grow to a record 43.1 million metric tons in the 2024/25 season as mills invest to expand production capacity at their plants, broker hEDGEpoint Global Markets said.

* A surge in EU imports of Ukrainian sugar is expected to continue for at least for another season, weighing on prices in the bloc.

* The United States restricted imports from three more Chinese companies, including COFCO Sugar Holding.

* March white sugar LSUc1 rose 1.8% to $657.90 a ton.


* March London cocoa LCCc2 rose 1.2% to 3,558 pounds a metric ton, heading back toward a record high hit in November of 3,572 pounds.

* Top cocoa producer Ivory Coast has halted sales of cocoa export contracts for the 2024/25 season due to concerns over low output, while number two producer Ghana’s cocoa arrivals at ports have dropped around 51% so far in the 2023/24 season.

* March New York cocoa CCc2 rose 1% to $4,240 a ton.


* March arabica coffee KCc2 slipped 0.3% to $1.7700 per lb, having hit a 5-1/2 month high last week.

* Dealers said weather problems in Brazil have been damaging both flowers and fruitlets on coffee trees, casting doubts over forecasts for a bumper crop this season.

* January robusta coffee LRCc1 fell 0.6% $2,525 a ton.

(Reporting by Maytaal Angel; Editing by Mrigank Dhaniwala and Alexander Smith)

((maytaal.angel@thomsonreuters.com(00442075429105)(Reuters Messaging: maytaal.angel.thomsonreuters.com@reuters.net) ))

Source: Nasdaq


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