Raw sugar futures on ICE climbed to the highest in more than seven months on Tuesday as funds covered their net short positions after deliveries against the October contract, which expired on Monday, were smaller than expected. Cocoa also rose after top producer Ivory Coast said it would cap production. March raw sugar settled up 0.23 cent, or 1.8%, at 12.88 cents per lb after peaking at 12.90 cents on Monday, its highest since Feb. 28.
The October contract touched 12.02 cents on Monday ahead of expiry, the highest for the front-month contract since Aug. 5. The physical delivery against the October raw sugar contract on ICE Futures US totaled 3,439 lots, or about 175,000 tonnes, exchange data showed on Tuesday. That delivery fell far below the more than 2 million tonnes delivered at the last expiry. December white sugar settled down 30 cents, or 0.09%, at $344.00 a tonne after peaking at $347.20, the highest since early March. December New York cocoa rose $11, or 0.5%, to settle at $2,453 a tonne.
Top producer Ivory Coast said it would cap cocoa production at 2 million tonnes from the 2020-21 season to keep prices from falling. March London cocoa was up 13 pounds, or 0.7%, at 1,880 pounds a tonne. December arabica coffee fell 0.25 cents, or 0.2%, to $1.0135 per lb. November robusta coffee was down $9, or 0.7%, at $1,311 a tonne.
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