LONDON: Raw sugar futures on ICE climbed to a 7-1/2 month peak on Monday, buoyed by fund buying against the backdrop of concerns about dry weather in Brazil and uncertainty about India's export policy.
March raw sugar ?was up 0.05 cent, or 0.35%, at 14.28 cents per lb at 1400 GMT after climbing to a 7-1/2 month peak of 14.55 cents.
Hedge funds and money managers increased their bullish bet on ICE raw sugar futures in the week to Oct. 6, data released on Friday showed.
India has yet to announce the extent to which it will subsidise sugar exports, with talk the decision could be delayed until early next month. Any reduction in Indian exports would tighten global supplies.
"In the very short term India holds the key; if they continue to keep the market guessing about the new year's export policy, no one dares sell," Marex Spectron analyst Robin Shaw said in a note.
December white sugar rose by $6.90, or 1.8%, to $391.80 a tonne.
December London cocoa fell by 12 pounds, or 0.7%, to 1,677 pounds a tonne.
December New York cocoa was up $4, or 0.2%, at $2,436 a tonne. December arabica coffee fell by 1.65 cents, or 1.5%, to $1.0990 per lb.
November robusta coffee was down $14, or 1.1%, at $1,246 a tonne.-Reuters
Comments
Comments are closed.