Raw sugar futures post weekly loss, dealers cite improved India crop outlook
Updates with settlement prices
LONDON, Aug 16 (Reuters) -Raw sugar futures rose on Friday but posted weeklylosses, weighed down partly by an improving outlook for cane crops in India following strong monsoon rains.
SUGAR
* October raw sugar SBc1 gained 0.8% to settle at 18.03 cents per lb. On a weekly basis,the market posted losses of 2.4%.
* Analyst BMI said in a note that abundant Brazilian supplies had consistently pressured global prices, while an improving crop in India had also weighed on the market.
* "Favourable weather forecasts and reports from the Indian Sugar and Bio-Energy Manufacturers Association indicate sufficient stocks to support domestic ethanol production and resume exports, further depressing global prices," BMI said.
* October white sugar LSUc1 rose 0.7% to settle at $516.70 a metric ton on Friday, but fell 1.8% on the week.
COFFEE
* December arabica coffee KCc2 settled up 2.5% at $2.441 per lb, gainingabout 6% week-over-week.
* Dealers said light frosts in some parts of Brazil during the last few days had heightened concerns about next year's crop, while drier-than-normal weather has also dented the outlook.
* Brazil's 2024/25 coffee harvest reached an estimated 96% of the crop as of last Tuesday, consultancy Safras & Mercado said on Friday.
* November robusta coffee LRCc2 settled up 1.7% at $4,452 a ton, with supplies in top robusta producer Vietnam remaining tight.
COCOA
* December New York cocoa CCc2 settled up 2% at $7,087 a ton, but lost4% on the week.
* Dealers said the prospect of a rebound in production in West Africa in the upcoming 2024/25 season had exerted downward pressure on prices.
* December London cocoa LCCc2 settled up 1.2% to 5,386 pounds per ton.
Reporting by Nigel Hunt, additional reporting by Shariq Khan; Editing by Shounak Dasgupta, Rod Nickel and Mohammed Safi Shamsi
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.