Raw sugar futures rally amid La Nina concerns

Reuters

Raw sugar futures rally amid La Nina concerns

2024 10월 11, 오후 2:56 GMT

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Updates prices, adds details

LONDON, Oct 11 (Reuters) -Raw sugar futures on ICE rallied on Friday, edging away from the three-week low hit earlier this week, as investors grow concerned the La Nina weather phenomenon might hurt the crop in top producer Brazil.

SUGAR

* March raw sugar SBc1 rose 1.4% to 22.47 cents per lb at 1442 GMT, having closed at 0.5% on Thursday.

* There is a 60% chance of La Nina weather conditions emerging in September-November and it is expected to persist through January-March 2025, a U.S. government forecaster said.

* Dealers said La Nina could lead to dry conditions in Brazil, which is worrying given the low soil moisture levels following the drought earlier this year.

*Sugar production in Brazil's key center-south fell 16.2% in the second half of September versus a year ago, industry group UNICA said. The figure was slightly below market forecasts.

* December white sugar LSUc1 rose 1.3% to $573.90 a metric ton.

COFFEE

* December arabica coffee KCc1 fell 0.5% to $2.5355 per lb, having settled up 1.9% on Thursday.

* November robusta coffee LRCc1 fell 1.3% to $4,852 a ton, having closed up 1% on Thursday.

* Dealers noted support forprices despite the long awaited rains having finally hitproducing regions in top grower Brazil.

COCOA

* March London cocoa LCCc2 rose 2.9% to 5,083 a ton, having settled up 2.7% on Thursday.

* Cocoa is gaining some support from the situation in top grower Ivory Coast, where the damageinflicted by heavy rains on roads is hampering the harvest, drying and transportation of cocoa beans to ports.

* Against that, however, dealers said the current crop in No. 2 grower Ghana is looking good.

* December New York cocoa CCc1 rose 2.7% to $7,730 a ton, having closed up 2.4% on Thursday.

Reporting by Maytaal Angel; Editing by Shilpi Majumdar and Tasim Zahid

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