Raw sugar rises past 15 cent level; arabica coffee falls about 2%

NEW YORK: Raw sugar futures on ICE closed up on Monday while arabica coffee fell in thin trading amid the Boxing Day holiday in London that closed the markets for robusta coffee and refined sugar futures.

SUGAR

March raw sugar rose 0.08 cent to settle at 14.98 cents per lb?. It touched 15.13 cents per pound earlier in session, the highest price since Nov. 27.?

Dealers noted some positive news on the demand side, with Indonesia issuing new licenses for imports.

"That is for about 600,000 tonnes, which will be coming from Australia and Brazil," a US-based broker said.

India continues to book export deals for its new-crop sugar, with totals around 615,000 tonnes, dealers said.

But any further rise is seen capped by good weather for cane development in top producer Brazil.

COFFEE

March arabica coffee settled down 2.6 cents, or 2.1%, at $1.2335 per lb??.

Rains in Brazil, which could help recover fields for next year's crop, along with demand worries for arabica beans amid the coronavirus-led lockdowns in several countries were some of the negative factors cited by dealers.

"Trends in New York were mixed. Support is at 123.00, 120.00, and 116.00 March, and resistance is at 128.00, 129.00 and 130.00 March", one broker said.

COCOA

March New York cocoa ??settled down $33, or 1.3%, to $2,560 a tonne.

"There are a lot of demand worries as the coronavirus is making a comeback in the US and Europe," one dealer said.

Demand for chocolate fell strongly in 2020 due to closings of stores and restaurants.