SOFTS-Raw sugar steadies, cocoa dips on firmer pound

martes 1 de marzo de 2016 09:48 GYT
 

* Wilmar scoops up raw sugar delivery - traders

* Concerns over dry weather impact on Ivorian mid-crop

By David Brough

LONDON, March 1 (Reuters) - Raw sugar futures on ICE steadied on Tuesday as the market digested reports of a 600,000-tonne delivery against expiry of the March contract, while London cocoa eased slightly pressured by a firmer pound.

Arabica coffee futures were little changed, with dealers focused on expectations for an abundant harvest in top grower Brazil.

Sugar futures held steady, with traders taking stock of reports that Wilmar International Ltd had bought about 600,000 tonnes of raw sugar against March ICE futures that expired on Monday.

"It seems we will probably test higher in the medium term and our best guestimate would be higher for the next 100 point move (1 cent)," said Tom Kujawa, co-head of the softs department at Sucden Financial Sugar.

May raw sugar was down 0.11 cent, or 0.8 percent, at 14.25 cents per lb at 1315 GMT, having touched a five-week high of 14.61 cents a lb on Monday.

May white sugar was down $1.10 or 0.27 percent, at $405.80 per tonne.   Continuación...