Raw sugar climbs to six-week high, robusta sets new peak

Reuters

Raw sugar climbs to six-week high, robusta sets new peak

2024 8월 29 일, 오전 10:58 GMT

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LONDON, Aug 29 (Reuters) -Raw sugar futures rose to a six-week high on Thursday, boosted by lower than expected output in Centre-South Brazil during the first half of August and concerns that recent fires could further dent production prospects in the region.

SUGAR

* October raw sugar SBc1 rose 0.6% to 19.66 cents per lb by 1040 GMT after setting a six-week high of 19.74 cents.

* Industry group Unica reported on Wednesday that sugar production in Centre-South Brazil totalled 3.11 million metric tons in the first half of August, down 10.2% year on year. A survey by S&P Global Commodity Insights had projected sugar production at 3.29 million tons, a drop of only 5.2%.

* There remained uncertainty about the extent of damage to sugarcane fields from recent fires in Centre-South Brazil, with Unica saying on Wednesday that potential losses will appear in the next report.

* October white sugar LSUc1 rose 0.9% to $549.60 a ton.

COFFEE

* November robusta coffee LRCc2 was down 0.1% at $4,921 a ton after peaking at $4,972 for the highest level in at least 16 years.

* Dealers said supplies remain very tight in Vietnam while extreme heat earlier in the year has dented the outlook for the next harvest in the world's top robusta producer.

* "Contract signing before the new crop is not as active as in previous years, as exporting firms have become more cautious about their ability to meet the obligation," said Nguyen Ngoc Quynh, deputy chief of Mercantile Exchange of Vietnam.

* December arabica coffee KCc2 fell 0.8% to $2.5450 per lb.

COCOA

* December New York cocoa CCc2 was down 1.4% at $7,631 a ton.

* Dealers said a rise in production in Ivory Coast and Ghana was expected in the coming 2024/25 season after poor crops this season, though dry weather could limit the extent of the rebound. Ghana's main crop season is due to start next week.

* December London cocoa LCCc2 was barely changed at 5,274 pounds a ton.

Reporting by Nigel Hunt
Editing by David Goodman

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