AIRLINK 196.50 Increased By ▲ 2.94 (1.52%)
BOP 10.25 Increased By ▲ 0.30 (3.02%)
CNERGY 7.88 Decreased By ▼ -0.05 (-0.63%)
FCCL 39.80 Decreased By ▼ -0.85 (-2.09%)
FFL 17.09 Increased By ▲ 0.23 (1.36%)
FLYNG 27.12 Decreased By ▼ -0.63 (-2.27%)
HUBC 133.95 Increased By ▲ 1.37 (1.03%)
HUMNL 14.10 Increased By ▲ 0.21 (1.51%)
KEL 4.78 Increased By ▲ 0.18 (3.91%)
KOSM 6.64 Increased By ▲ 0.02 (0.3%)
MLCF 47.18 Decreased By ▼ -0.42 (-0.88%)
OGDC 214.79 Increased By ▲ 0.88 (0.41%)
PACE 6.96 Increased By ▲ 0.03 (0.43%)
PAEL 42.00 Increased By ▲ 0.76 (1.84%)
PIAHCLA 17.15 No Change ▼ 0.00 (0%)
PIBTL 8.50 Increased By ▲ 0.09 (1.07%)
POWER 9.60 Decreased By ▼ -0.04 (-0.41%)
PPL 183.96 Increased By ▲ 1.61 (0.88%)
PRL 42.90 Increased By ▲ 0.94 (2.24%)
PTC 25.15 Increased By ▲ 0.25 (1%)
SEARL 109.80 Increased By ▲ 2.96 (2.77%)
SILK 1.00 Increased By ▲ 0.01 (1.01%)
SSGC 44.11 Increased By ▲ 4.01 (10%)
SYM 17.86 Increased By ▲ 0.39 (2.23%)
TELE 8.96 Increased By ▲ 0.12 (1.36%)
TPLP 13.06 Increased By ▲ 0.31 (2.43%)
TRG 67.60 Increased By ▲ 0.65 (0.97%)
WAVESAPP 11.68 Increased By ▲ 0.35 (3.09%)
WTL 1.83 Increased By ▲ 0.04 (2.23%)
YOUW 3.97 Decreased By ▼ -0.10 (-2.46%)
BR100 12,249 Increased By 204.5 (1.7%)
BR30 36,933 Increased By 352.6 (0.96%)
KSE100 115,663 Increased By 1625.1 (1.43%)
KSE30 36,398 Increased By 603.9 (1.69%)

Raw sugar futures on ICE jumped to a seven-month high on Monday and arabica coffee rose to its highest level since August, both boosted by a stronger currency in top grower Brazil following the first round of the country's presidential election. March raw sugar gained for an eighth straight session, settling up 0.31 cent, or 2.5 percent, at 12.94 cents per lb. after peaking at 12.98 cents, the highest level since March.
The Brazilian real was at its strongest versus the dollar in two months following far-right presidential candidate Jair Bolsonaro's lead in the first round of voting on Sunday. A strong real discourages producer selling. The recent run-up in prices could prompt funds to scale back their net short position, dealers said.
Open interest fell for a fifth straight session, dropping by 12,951 lots to 768,889 lots, its lowest since January, ICE data show. Upside potential is limited by the continued possibility of higher Indian exports, Commerzbank said in a note. December white sugar settled up $4.40, or 1.3 percent, at $350.20 per tonne. December arabica coffee settled up 2.9 cents, or 2.7 percent, at $1.1185 per lb. after reaching $1.1295, its highest level since Aug. 7.
The market was buoyed by Brazilian currency strength while speculators have been scaling back a large net short position. Brazil's farmers confederation, CNA, said on Friday it requested government funding for a program that would allow coffee farmers to hold back sales to avoid selling at current low prices.
November robusta coffee settled up $29, or 1.75 percent, at $1,684 per tonne. December New York cocoa settled up $62, or 3.1 percent, at $2,086 per tonne.
Speculators held the largest net short position in nearly a year, US government data showed on Friday. That likely inspired short-covering and new speculative length, dealers said.
"That was a bigger spec position than people were expecting," said Jack Scoville, vice president with Price Futures Group. Open interest fell on Friday by 1,466 lots to 269,404 lots, its first reduction in 11 sessions, ICE data show. Below-average rainfall in parts of top grower Ivory Coast was expected to help harvests, farmers said.
Dealers were awaiting the release of regional third-quarter grindings data. Asian grindings were expected to grow at subdued rates amid low margins and weak demand, Fitch Solutions said in a report. December London cocoa rose 26 pounds, or 1.8 percent, to 1,553 pounds a tonne.

Copyright Reuters, 2018

Comments

Comments are closed.