Company News

SOFTS-Raw sugar gains but remains in range ahead of India news

(Updates prices)

LONDON, Nov 12 (Reuters) - ICE raw sugar prices rose 3% on Thursday but remained firmly within recent ranges as traders awaited news from India on its sugar export policy.


* March raw sugar rose 0.5 cents, or 3.5%, to 14.99 cents per lb by 1400 GMT, reversing three consecutive days of losses.

* India, a top sugar producer, is reportedly targeting sugar exports of 6 million tonnes this season. Dealers said that, while the country’s sugar export subsidies are likely to be lower than last season, they should not be insignificant.

* Ahead of the news, the market is likely to consolidate within the range seen since the end of October, they added.

* December white sugar, which expires on Friday, rose $10, or 2.5%, to $407.40.


* December arabica coffee rose 1 cent, or 0.9%, to $1.1015 per lb.

* Brazil exported 4.1 million bags of coffee in October, including green, soluble and roasted coffee, 11.5% more than in the same period last year and a record for the month, trade group Cecafe said.

* January robusta coffee rose $23, or 1.7%, to $1,416 a tonne.

* Fresh coffee supply from Vietnam’s 2020/21 robusta harvest has yet to pick up because heavy rains in key growing areas over the past month have disrupted cherry picking, traders said.


* March New York cocoa fell $31, or 1.3%, to $2,343 a tonne after gains in the previous session.

* Barry Callebaut, the world’s largest chocolate maker, on Wednesday said that sales volumes in the final quarter of its financial year to August recovered from a coronavirus-related slump. It added that solid financials supported the company’s confidence in its mid-term guidance.

* March London cocoa fell 9 pounds, or 0.6%, to 1,602 pounds a tonne. (Editing by Bernadette Baum and David Goodman )