Raw sugar futures fall, arabica extends rebound

Raw sugar futures fall, arabica extends rebound

2 Nov    Finance News

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LONDON — Raw sugar futures on ICE fell on Wednesday amid strong Brazilian exports, while arabica coffee prices regained some ground after last week’s slide to a 15-month low.

SUGAR

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* March raw sugar was 1.2% lower at 18.21 cents per lb by 1406 GMT.

* Investors kept a close watch on Brazil after former president Luiz Inacio Lula da Silva narrowly won Sunday’s presidential election.

* Brazilian president Jair Bolsonaro on Tuesday did not concede defeat in his first public remarks since losing Sunday’s election but stopped short of contesting the election result.

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* Brazilian authorities said on Wednesday they were making some headway in clearing blockades set up across the country by truckers to protest Bolsonaro’s narrow loss.

* Dealers said the market was also awaiting news on India’s export quota for the new marketing year which began on Oct. 1, with an announcement possible this week.

* “There is still no certainty about the Indian export quotas, expected to be announced well over a month ago,” Rabobank said in a note.

* Brazil’s sugar exports surged to 3.75 million tonnes in October from 2.31 million tonnes a year earlier.

* December white sugar fell 0.6% to $529.40 a tonne.

COFFEE

* March arabica coffee rose 2% to $1.7805 per lb​, extending its rebound from a 15-month low of $1.6595 set on Friday.

* Dealers said a drop in exports from Honduras and Costa Rica during October had helped to tighten short-term supplies, with December’s premium to March widening.

* January robusta coffee rose 2.2% to $1,880 a tonne after setting a 14-month low of $1,826 on Tuesday.

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COCOA

* December New York cocoa rose 1.3% to $2,378 a tonne.

* March London cocoa rose 0.7% to 1,911 pounds a tonne​​. (Reporting by Nigel Hunt; Editing by Jan Harvey and Vinay Dwivedi)

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