AGL 40.00 Decreased By ▼ -0.01 (-0.02%)
AIRLINK 127.00 Decreased By ▼ -0.99 (-0.77%)
BOP 6.68 Increased By ▲ 0.08 (1.21%)
CNERGY 4.49 Decreased By ▼ -0.11 (-2.39%)
DCL 8.60 Increased By ▲ 0.12 (1.42%)
DFML 41.30 Decreased By ▼ -0.18 (-0.43%)
DGKC 86.71 Increased By ▲ 0.13 (0.15%)
FCCL 32.16 Increased By ▲ 0.02 (0.06%)
FFBL 64.70 Decreased By ▼ -0.72 (-1.1%)
FFL 10.29 Increased By ▲ 0.04 (0.39%)
HUBC 109.51 Decreased By ▼ -0.98 (-0.89%)
HUMNL 14.90 Increased By ▲ 0.15 (1.02%)
KEL 5.05 Decreased By ▼ -0.08 (-1.56%)
KOSM 7.40 Increased By ▲ 0.28 (3.93%)
MLCF 41.39 Decreased By ▼ -0.26 (-0.62%)
NBP 60.60 Increased By ▲ 0.51 (0.85%)
OGDC 190.00 Decreased By ▼ -4.69 (-2.41%)
PAEL 27.81 Decreased By ▼ -0.14 (-0.5%)
PIBTL 7.75 Decreased By ▼ -0.25 (-3.13%)
PPL 149.75 Decreased By ▼ -1.42 (-0.94%)
PRL 26.73 Decreased By ▼ -0.15 (-0.56%)
PTC 16.18 Increased By ▲ 0.18 (1.13%)
SEARL 86.02 Increased By ▲ 7.82 (10%)
TELE 7.72 Increased By ▲ 0.33 (4.47%)
TOMCL 35.58 Decreased By ▼ -0.09 (-0.25%)
TPLP 8.14 Increased By ▲ 0.23 (2.91%)
TREET 16.51 Increased By ▲ 0.62 (3.9%)
TRG 53.35 Increased By ▲ 0.59 (1.12%)
UNITY 26.28 Decreased By ▼ -0.27 (-1.02%)
WTL 1.26 Decreased By ▼ -0.01 (-0.79%)
BR100 9,889 Decreased By -31.1 (-0.31%)
BR30 30,611 Decreased By -140.9 (-0.46%)
KSE100 93,355 Increased By 130.9 (0.14%)
KSE30 28,931 Increased By 46 (0.16%)

Raw sugar futures on ICE edged up on Monday as a technically oversold market steadied after sinking nearly 6% last week, while cocoa prices hit their highest in more than a week. October raw sugar was up 0.03 cents, or 0.3% at 11.62 cents per lb at 1405 GMT. The contract plunged nearly 5.8% last week in the front-month's worst weekly performance in 1-1/2 years.
Speculators on ICE Futures US increased their net short position in raw sugar in the week to July 16 to a five-week high. "The market remains oversold. A corrective rally could be seen but it is unlikely a full-blown rally will develop at the moment," said a dealer. Oil prices rallied on concerns that Iran's seizure of a British tanker may lead to supply disruptions. Stronger energy prices can encourage cane mills to produce more ethanol at the expense of sugar.
Still, sugar prices remain under pressure amid excess global stocks and after a large amount of white sugar from Thailand was delivered against the August contract last Tuesday, indicating weak demand. In news, the European Union's crop monitoring service, MARS, cut its yield forecast for the EU 2019 crop to 73.9 t/ha from 75.7 t/ha last month.
October white sugar was up $0.30, or 0.1%, at $316 a tonne. September London cocoa rose 26 pounds, or 1.4%, to 1,931.25 pounds a tonne, having earlier hit $1,908, its highest in more than a week. September New York cocoa was up $49, or 2%, at $2547, having earlier hit $2,557, its highest in more than a week.
Speculators cut their net long position in New York cocoa by 8,849 contracts in the week to July 16. A dealer said market fundamentals were roughly balanced and that prices were consolidating at these levels. Last week saw strong data on cocoa grinds, an indicator of demand, from North America and Asia, but weak readings from Europe. Rains were below average last week in most of Ivory Coast's cocoa-growing regions.
September arabica coffee was down 0.7 cents, or 0.6%, at $1.1050 per lb, having hit its highest in two weeks at $1.1190. Speculators increased their bearish stance in Arabica by 3,060 lots in the week to July 16. "After shipping a record 41.1m bags in the 2018/19 crop year, Brazil has started 2019/20 at the same rate. The country will export 3.3m bags in July," said Marex Spectron in a note. September robusta coffee was down $17, or 1.2%, at $1,402 a tonne.

Copyright Reuters, 2019

Comments

Comments are closed.