LONDON: Raw sugar futures were lower on Monday, slipping back from the prior session’s six-year peak, with the market’s focus on the expiry of the March whites contract later in the day.
SUGAR: March raw sugar was down 0.65% at 21.44 cents per lb by 1417 GMT. The front month had risen to a six-year peak of 21.89 cents on Friday.
Dealers said the market continued to derive support from supply tightness, which is expected to persist at least until early in the second quarter of this year.
March white sugar, which expires on Monday, fell 0.8% to $566.10 a tonne.
A small delivery is expected against the March contract, potentially of less than 150,000 tonnes. Last year there were 358,650 tonnes tendered against the March 2022 contract.
COFFEE: May arabica coffee rose 1.5% to $1.7720 per lb.
Dealers said the market continued to focus on the outlook for this year’s arabica crop in Brazil, with many expecting it will not be as large as had been expected a few months ago.
They also noted that exchange stocks were beginning to fall, with the recent backlog of grading now cleared.
Certified arabica stocks at the Intercontinental Exchange (ICE) stood at 874,654 60kg bags as of Feb. 10 after climbing to a 7-1/2-month high of 891,933 bags on Feb. 8.
May robusta coffee rose 0.05% to $2,037 a tonne.
COCOA: May New York cocoa rose 1.5% to $2,646 a tonne. Dealers noted port arrivals in top grower Ivory Coast were still running marginally ahead of last season, although the gap had narrowed in the last few days.
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