Add background, update prices
LONDON, September 12 (Reuters) – Raw Sugar Futures on ICE pink on monday while the Whites saw the first of October set up a high contract, buoyed by tight supplies of the sweetener.
The exchange announced on Monday that London-based white sugar and cocoa-based robusta coffee contracts would be closed on September 19 due to Queen Elizabeth’s state funeral to be held that day.
*October raw sugar SBc1 pink 0.seven% at 18.34 cents per pound per 1310 GMT.
* Dealers said the market was supported by tighter supply, with October trading at a premium to March SB-1=R of around 0.48 cents on Monday.
* “The market needs a good lump of Indian sugar (preferably raw) and under present conditions it seems unlikely to get it unless the world price rises above 19 cents,” wrote broker Marex in a note.
*October white sugar LSUV2>, which expires on Thursday was2.3% at $601.50 a ton after establishing a high contract of $603.30.
* December arabica coffee KNc2dropped 0.8% to $2.2675 per pound, slip further than one 6-month peak of $2.4295 established on August 25.
* Dealers reported recent showers in Brazil and a forecast for more rain over the next two weeks had to some extent alleviated concerns about dry weather at the world’s largest producer and the funds had reduced a net long position.
* November robusta coffee LRCc2 fell 0.75% to $2,247 a ton.
* December New York Cocoa CCc2 was down 0.4% at $2,351 a tonne.
* Abundant rains last week in most cocoa-growing areas of Ivory Coast will boost the development of the main harvest from October to March, which is expected to start early, farmers said on Monday. [nL1N30J0MW]
* December London Cocoa LCCc2 fell 1.4% to 1,828 pounds per ton.
* Ivory Coast has started selling cocoa contracts for the 2023/24 season at a non-negative premium for the first time in three years, industry sources said on Monday, as the regulator seeks to support farmers .
(Reporting by Nigel Hunt; Editing by Mark Porter)
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