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Company News

SOFTS-Raw sugar falls as funds consolidate recent gains

LONDON, Nov 10 (Reuters) - ICE raw sugar futures fell on Tuesday as funds remained on the sidelines after pushing prices above 15 cents, and as the wider financial market euphoria over news of promising coronavirus vaccine results settled down somewhat.

Coffee and cocoa prices also headed lower.

SUGAR

* March raw sugar fell 0.07 cents, or 0.5%, to 14.81 cents per lb at 1119 GMT, having hit an eight-month high of 15.23 cents last week.

* Dealers said prices look set to remain range-bound for the time being, with the funds content to remain long but not to extend their position much more.

* The market has an upside bias however, given rumours that this season’s sugar export subsidies from India, a top producer, will be less than half of last season’s.

* December white sugar, which expires on Friday, dipped $0.4, or 0.1%, to $400.

COFFEE

* December arabica coffee edged down 0.15 cents, or 0.1%, to $1.067 per lb.

* Brazil is tightening its grip on the global arabica coffee market as its beans surge into ICE Futures exchange warehouses for the first time, a move that could squeeze small producers out of the market and put pressure on benchmark prices.

* ICE arabica stocks are currently at their highest in two months thanks to the Brazilian influx. KC-TOT-TOT

* Underpinning arabica however, are concerns recent dry weather could contribute to a significant production decline in top grower Brazil next year.

* January robusta coffee fell $1, or 0.1%, to $1,347 a tonne.

COCOA

* March New York cocoa fell $4, or 0.2%, to $2,387 a tonne, reversing some of Monday’s gains.

* Cocoa prices have been bolstered of late by some supply disruptions in Ivory Coast after a disputed presidential election.

* Ivory Coast cocoa grinders processed 49,000 tonnes of beans in October, up 4% from the same period last season.

* March London cocoa was down 17 pounds, or 1%, to 1,623 pounds per tonne. (Editing by Chizu Nomiyama)

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