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SOFTS-Raw sugar prices slip, arabica coffee also lower

LONDON, Nov 19 (Reuters) - Raw sugar futures on ICE were lower on Thursday, retreating from a near nine-month peak set earlier this week, although the market remained underpinned by tightening supplies with a global sugar deficit expected in the current 2020/21 season.


* March raw sugar was down 0.17 cents, or 1.1%, at 15.28 cents per lb at 1220 GMT. The front month had peaked at 15.66 cents on Tuesday, its highest since mid-February.

* Dealers said some profit-taking had emerged after the recent run-up but the market remained underpinned by poor crop prospects in several major producing regions including the European Union.

* “The past few days have seen several forecasters make hefty cuts to their estimates of EU sugar production. The news flow continues to support a rally,” Commonwealth Bank of Australia analyst Tobin Gorey said.

* March white sugar was down $1.30, or 0.3%, at $415/60 a tonne.


* March arabica coffee fell 0.55 cents, or 0.45%, to $1.2230 per lb, retreating from the prior session’s two-month high of $1.2430.

* The market was seeking to assess the damage caused by Storm Iota in central America, a major producing region for arabica coffee.

* Storm Iota unleashed devastating floods across Central America on Wednesday in areas already waterlogged, forcing hundreds of thousands of people from their homes in a disaster that could spur migration to the United States.

* January robusta coffee fell $1, or 0.1%, to $1,401 a tonne.


* March New York cocoa was up $6, or 0.2%, at $2,586 a tonne after rising to a peak of $2,607 on Wednesday, the highest since late September.

* Dealers said the huge premiums commanded by the December contract in recent days had created a more bullish mood in the market with low exchange stocks limiting the amount of cocoa available to deliver against the contract.

* March London cocoa was up 11 pounds, or 0.6%, at 1,754 pounds a tonne after peaking at 1,762, the highest since Oct. 1. (Reporting by Nigel Hunt;Editing by Elaine Hardcastle)