SOFTS-Sugar ignores weak markets, rallies on white supply concerns

jueves 7 de enero de 2016 14:45 GYT
 

* Prospects for India sugar exports recede

* White sugar premium soars to contract high

* NY cocoa open interest down 2,300 lots after 7 pct drop (Recasts, updates trading, adds comment, byline, NEW YORK dateline)

By Marcy Nicholson and David Brough

NEW YORK/LONDON, Jan 7 (Reuters) - Sugar futures on ICE bucked a weak trend in commodities to surge more than 3 percent on Thursday, buoyed by concerns about tight nearby supplies for white sugar, which jumped to a 14-month high.

Cocoa prices dove to extend this week's steep losses to multi-month lows, while coffee futures also dropped every day of this week. They were part of a commodity slump following a rout in Chinese shares that dragged down world equity markets on fears of a global slowdown.

"Cold winds from the Far East continue to blow over the world's economy," a senior soft commodities broker said.

Still, white sugar rallied for a second day after a surge in domestic Indian prices lowered expectations for the country's exports. Adding fuel to those gains were reports of harvest delays in Central America due to rainfall, as well as disappointing yields in Thailand, traders said.

Despite a weaker Brazilian real and oil prices, the whites rally boosted raw sugar futures.   Continuación...