Raw sugar futures on ICE fell for a second consecutive day on Tuesday as dealers were upbeat about looming supply news from India and concerned about the strong U.S. dollar =USD, while coffee and New York cocoa also slipped.
SUGAR
* March raw sugar SBc1 fell 1% to 18.59 cents per lb, as of 1156 GMT, having settled down 0.4% on Monday.
* Dealers said supply news from India, the world’s second largest sugar exporter, was weighing on prices, though fresh spot demand from major buyers China and Indonesia and reduced cane crushing in top producer Brazil were limiting losses.
* Indian sugar output is expected to rise 2% to 36.5 million tonnes in the new season that began on Oct. 1, a leading industry body said on Monday, adding the country will have enough excess supply to export 9 million tonnes.
An Indian government official meanwhile said the country will announce this year’s sugar export quota within a week.
* December white sugar LSUc1 fell 1.9% to $546.30 a tonne.
COFFEE
* December arabica coffee KCc1 fell 0.5% to $1.9480 cents per lb, after touching a one-year low on Monday. The contract lost 9.8% last week.
* Shipments of green coffee out of top producer Brazil averaged 10,570 tonnes per day in October versus 9,440 tonnes per day in the same month last year, according to government data.
* Underpinning prices however, green coffee stocks stored at ports in the United States, the world’s largest consumer of the beverage, fell by 71,608 60-kg bags at the end of September to 6.37 million bags.
* Also, ICE-certified arabica stocks hit fresh 23-year lows, falling to 397,999 tonnes, latest data showed.
*January robusta coffee LRCc2 fell 0.4% to $2,037 a tonne.
COCOA
* March London cocoa LCCc2 rose 0.2% to 1,884 pounds per tonne, as sterling GBP=steadied at higher levels.
* December New York cocoa CCc1 fell 0.7% to $2,323 a tonne.
Read more at-https://bit.ly/3VPhDDH
