Raw sugar hits 3-1/2 month top after white in technical push
(New throughout; adds sugar highs, comments)
PARIS, Feb 19 (Reuters) - Raw sugar futures on ICE climbed
to a 3-1/2 month high on Tuesday in the wake of a similar peak
for white sugar in London, as a technically driven rally
continued, while coffee lost more ground and cocoa also eased.
* March raw sugar was up 0.17 cents, or 1.3 percent,
at 13.36 cents per lb by 1621 GMT, its highest since Nov. 5 and
surpassing Friday's one-month high of 13.25 cents.
* U.S. markets were closed on Monday for the Presidents Day
* May white sugar rose $1.70, or 0.5 percent, at
$359.50 per tonne. It earlier hit $360.00, setting a 3-1/2 month
high for the second day in a row.
* Raw sugar had been supported on Friday by technical buying
linked to the expiry of options on March futures, and dealers
said that momentum was continuing.
* "The upward movement is not sugar-driven, it's technical
and fund-driven," one trader said, adding that rain relief in
Brazil in recent days had reduced fundamental support from dry
* The market remained underpinned by a reduced outlook for
sugar production in the key Centre-South region of Brazil but
capped by the potential for extra exports, notably from India,
if prices were to rise sharply, dealers said.
* Europe's largest sugar refiner Suedzucker plans
to close a 50,000 tonne-a-year production plant in Poland, it
said on Tuesday, part of a restructuring programme to counter a
slump in the past two years.
* New York May arabica coffee fell 1.40 cent, or 1.4
percent, to $100.25 per lb, after earlier equalling a 2019 low
of $1.060 first struck on Thursday.
* More moderate temperatures and the return of rain in
Brazil is creating a positive production outlook overall,
* May robusta coffee fell $18.00, or 1.2 percent, at
$1,537 per tonne. as the London market also faced supply
* Vietnam, the world's top robusta producer, exported
183,693 tonnes of coffee in January, customs data showed on
Monday, higher than the government's estimate of 175,000 tonnes.
* May New York cocoa rose $20, or 0.9 percent, to
$2,359 per tonne. Earlier, the contract traded touched $2,369,
its highest since Jan. 18.
* May London cocoa fell 15 pounds, or 0.8 percent,
at 1,763 pounds per tonne, giving up Monday's gains.
* Ghana harvested 644,319 tonnes of graded and sealed cocoa
from its 2018/2019 main crop by Jan. 31, up 11 percent from the
same period last season when output was hit by poor weather and
disease, Cocobod marketing board figures showed.
(Reporting by Gus Trompiz; Editing by David Goodman and
First Published: 2019-02-19 15:01:14
Updated 2019-02-19 18:31:59
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