May 10, 2018 / 11:20 AM / 10 months ago

SOFTS-Sugar prices fall as supplies weigh, robusta coffee hits 3-week low

LONDON, May 10 (Reuters) - Sugar futures on ICE slipped in thin trade on Thursday, weighed by weakening chart signals and persistent worries about a global supply glut, while robusta coffee fell to a three-week low.


* July raw sugar was down 0.03 cents, or 0.3 percent, to 11.26 cents per lb by 1103 GMT.

* This extended losses from the previous session, when a breach in technical support inspired speculative short-selling, dealers said.

* They noted the weak close weakened the structure and reinforced negative sentiment on Thursday.

* Focus this week has been on an industry gathering in New York, where some participants have forecast lower output from top grower Brazil.

* However, a giant Indian crop is expected to more than compensate for the lowest output in a decade from central Brazil, putting the market on course for two years of record oversupply.

* Market participants were awaiting cane crush data for Brazil’s Centre-South region, expected on Thursday, for fresh indications of output.

* August white sugar fell $1.20, or 0.4 percent, to$322.70 a tonne.

* The premium for white sugar over its raw equivalent has recovered to around $70 per tonne recently.

* “Those levels might interest some Thai millers but are unlikely to be high enough for most standalone refineries,” Tobin Gorey of the Commonwealth Bank of Australia said in a note.

* The world’s top sugar exporters have initiated a legal review of government supports in the European Union, India and Pakistan that may violate World Trade Organization restrictions on direct subsidies.

* China’s sugar supply deficit is poised to shrink in the 2018/19 season, with farmers expected to boost output due to higher prices.

* Wilmar International Ltd posted a 40.6 percent fall in its first-quarter net profit on Thursday, partly citing seasonal losses in its sugar business.


* July robusta coffee fell $4, or 0.2 percent, to$1,743 a tonne, after touching a three-week low of $1,728.

* This extended deep losses from the prior session. Prices have sold off this week, weighed by a wave of producer hedging and follow-through selling.

* July arabica coffee rose 0.05 cents, or 0.04 percent, to $1.1880 per lb, but hovered near lows touched on Wednesday.

* The Brazilian real remained in focus, dealers said, as it has weakened sharply this week.


* July New York cocoa rose $6, or 0.2 percent, to$2,776 a tonne.

* July London cocoa was unchanged at 1,924 pounds a tonne. (Reporting by Ana Ionova; Editing by Jon Boyle)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below