The futures contracts sugar Crude prices on ICE closed higher late in the session, rebounding on Monday after hitting 2-and-a-half-week lows earlier, on rare protests against Europe’s strict Covid-zero restrictions. China prompting concerns about demand growth in the world’s second-largest economy.
Sugar
March raw sugar closed up 0.05 cents, or 0.3%, at 19.38 cents a pound, having previously hit a low of 19.05 cents. The contract lost 3.6% last week.
Traders noted that sugar has slipped slightly from its recent high above 20 cents, adding that current weak macroeconomic signals could push it further towards 19 cents in the near term.
They add that the short-term market is supported by tight supplies until Asian harvests progress.
White sugar for March fell $1.10, or 0.2%, to $528.60 a tonne.
Coffee
O coffee March arabica fell 2.2 cents, or 1.3%, to settle at $1.6285 a pound.
The contract rallied 6.4% last week, regaining most of the ground lost the week before, when prices fell 7.7% to hit a 16-month low.
Brazilian farmers and agronomists have lowered their outlook for next year’s crop after the post-bloom period.
Brazilian exporter Escritorio Carvalhaes said in a statement that farmers are not very active in the market, due to the recent drop in prices, selling only small lots to pay the costs of the end of the harvest.
January Robusta coffee fell $2, or 0.1%, to $1,855 a tonne.
Robusta market is being supported by rains in Vietnam that interrupted the harvest.
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Source: Moneytimes
I am an author and journalist with a focus on market news. I have worked for a global news website for the past two years, writing articles on a range of topics relating to the stock market. My work has been published in international publications and I have delivered talks at both academic institutions and business conferences around the world.
