Raw sugar prices edge higher, cocoa also up
- March arabica coffee fell 0.35 cents, or 0.3%, to $1.2505 per lb.
- March London cocoa rose 28 pounds, or 1.7%, to 1,702 pounds a tonne.
- March white sugar rose $0.30, or 0.1%, to $412.10 a tonne.
LONDON: Raw sugar futures on ICE were slightly higher on Wednesday, boosted by a weaker dollar and a more supportive macroeconomic backdrop with global equities extending recent gains, while cocoa prices also rose.
SUGAR
March raw sugar was up 0.02 cents, or 0.1%, at 15.06 cents per lb by 1450 GMT, edging back towards the one-month high of 15.13 cents set on Monday.
Dealers said that an improving outlook for cane production in the key Centre-South region of Brazil after recent rains should help to keep a lid on prices.
March white sugar rose $0.30, or 0.1%, to $412.10 a tonne.
COCOA
March New York cocoa was up $50, or 2%, at $2,557 a tonne.
Dealers said the market was supported by the current low level of certified exchange stocks for New York and London cocoa, which has helped to establish nearby premiums in both contracts.
Overall supplies remain ample, however, with the outlook for the mid-crop in Ivory Coast improving after recent rains while demand remains sluggish.
March London cocoa rose 28 pounds, or 1.7%, to 1,702 pounds a tonne.
COFFEE
March arabica coffee fell 0.35 cents, or 0.3%, to $1.2505 per lb.
March robusta coffee futures were down $5, or 0.4%, at $1,378 a tonne.
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