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SOFTS-Raw sugar climbs to 8-1/2 month high, cocoa also up

LONDON, Nov 16 (Reuters) - Raw sugar prices on ICE rose to an 8-1/2 month high on Monday boosted by nearby supply tightness while cocoa futures were also sharply higher.


* March raw sugar rose 0.44 cents, or 2.9%, to 15.40 cents per lb by 1303 GMT after climbing to a peak of 15.47 cents, the highest level for the front month since Feb. 25.

* Dealers noted the front month's premium to May SB-1=R had been rising boosted by nearby supply tightness.

* “In the short term there is not much room for manoeuvre; all exporters will be shipping as fast as they can, and all importers will be postponing demand as much as they can,” Marex Spectron analyst Robin Shaw said.

* Dealers said the prospect of a poor crop in France provided further support for prices.

* The market was also keenly awaiting news on India’s export policy with uncertainty about the extent to which government support might be available given financial issues related to the COVID-19 pandemic.

* March white sugar was up $11.20, or 2.75%, at $418.00 per tonne.

* A total of 618,300 tonnes of white sugar has been tendered against the December contract on ICE Futures Europe, exchange data showed on Monday.

* Dealers said the inclusion of Algerian sugar may indicate a lack of demand in the North African region.


* March New York cocoa rose $86, or 3.6%, to $2,451 a tonne.

* Dealers noted there was a lack of cocoa available to tender against the December contract which had led to a surge in its price of more than 12% on Monday.

* March London cocoa rose 51 pounds, or 3.2%, to 1,659 pounds per tonne.


* March arabica coffee was up 2.4 cents, or 2.1%, to $1.1460 per lb.

* January robusta coffee rose $26, or 1.8%, to $1,436 a tonne. (Reporting by Nigel Hunt. Editing by Jane Merriman)