Raw sugar was mixed, coffee futures were down and cocoa edged up on Wednesday as soft commodities consolidated while waiting for the next set of news to provide direction. New York's benchmark March raw sugar contract fell 0.20 cent to finish at 23.54 cents per lb.
"We're consolidating in sugar, but the long-term up-trend is intact. Supply concerns are still there," said Andrey Kryuchenkov of VTB Capital. He was referring to damage to the cane crop from flood-hit Pakistan. "A close below 23 cents, and perhaps more importantly below 22.50 cents in coming sessions, might well generate a move lower," said Thomas Kujawa of Sucden Financial Sugar.
The market digested news that the Dubai Al Khaleej refinery bought 40,000-50,000 tonnes of raw sugar from India for September-October-November shipment. New York's December arabica coffee contract lost 1.45 cents to end at $1.7555 per lb. Cocoa futures crawled higher, with the focus primarily on the flow of new crop beans out of West Africa's cocoa growing regions. New York's December cocoa contract rose $30 to close at $2,744 per tonne.
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