SOFTS-Raw sugar prices rise, arabica coffee near 9-month lows

Credit: REUTERS/Jorge Silva

Adds comments and closing prices

NEW YORK, Oct 5 (Reuters) - Raw sugar futures on the ICE exchange rose on Thursday, aided by a tight global supply outlookand despite a weak Brazilian currency, while arabica coffee fell to about the lowest price levels since January.


* March raw sugar SBc1settled up 0.23 cent, or 0.9%, at 26.16 cents per lb.

* Dealers said sugar is consolidating at historically high levels, close to a 12-year price peak, thanks to tight global supplies and in spite of a weak Brazilian currency that usually drives mills to sell, while concerns over macro-economic growth keep gains in check.

* Most of the record physical delivery of sugar at the expiration of the October contract on ICE will head to China, according to traders with knowledge of deals.

* Germany's refined sugar production in the new 2023/24 season is forecast to rise to about 4.36 million metric tons, up some 12.9% from last season.

* The EU's sugar output is expected to rise 3% to 15.4 million metric tons in 2023/24 thanks to reduced beet acreage in France versus increased plantings in other member states, the U.S. Department of Agriculture's (USDA) Foreign Agricultural Service (FAS) said.

* India is expected to produce 33.6 million metric tons of white sugar in 2023/24 – a supply level that might not meet consumption needs, FAS said.

* USDA's FAS also lowered its 2023/24 sugar production forecast for Thailand by 15%.

* December white sugar LSUc1 rose $6.10, or 0.9%, to $697.30 a metric ton.


* March London cocoa LCCc2 fell 23 pounds, or 0.8%, to 2,920 pounds per ton.

* Cocoa volumes arriving at Ivory Coast ports are expected to drop 28.5% year-on-year in the first three months of the 2023/2024 season, according to cocoa farmers, exporters, and pod counters.

* December New York cocoa CCc1 fell 1.1% to $3,393 a ton.


* November robusta coffee LRCc1 rose 0.3% to $2,373 a ton, after hitting a 5-1/2 month low on Wednesday.

* Vietnam's coffee market stayed quiet with buyers unwilling to match premiums offered by sellers, traders said.

* December arabica coffee KCc1 fell 0.3% to $1.4590 per lb.

* New York December coffee KCZ3 may test a support zone of $1.4420-$1.4495 per lb, a break of which could open the way towards $1.4280, said Reuters technical analyst Wang Tao.

(Reporting by Marcelo Teixeira and Maytaal Angel; Editing by Shounak Dasgupta, Kirsten Donovan and Shinjini Ganguli)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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