SOFTS-Raw sugar hits 1 week low as tightness in refined supplies eases

LONDON, June 24 (Reuters) - ICE raw sugar hit a one week low on Wednesday as tightness in the refined white sugar market continued to ease, while concerns escalated in the wider markets about a second wave of coronavirus infections.


* July raw sugar was down 0.01 cents, or 0.08%, at 11.78 cents per lb at 1122 GMT, having hit a low of 11.65 cents.

* August white sugar fell $4.10, or 1.1%, to $358.30 a tonne.

* The premium for August whites versus October LSUQ0-V0 has narrowed to around $4 per tonne versus $28 in late May, indicating easing supply tightness.

* The whites refining premium has, meanwhile, fallen below $100 a tonne LSUc1-SBc1 from more than $130 in late May.

* “The fundamentals on both the supply and demand sides are getting weaker. The closure of bars and restaurants and the cancellation of events will lead to a drop in sugar consumption this season - a first in 40 years,” said consultants Agritel.

* “This will inflate a surplus already envisaged for 2020-21 due to strong production increases in Brazil and India,” it added.


* September London cocoa was up 7 pounds, or 0.4%, at 1,701 pounds per tonne, as the market steadied after sliding to a more than one year low of 1,660 pounds on Monday on worries over weakening demand and improved supply prospects.

* September New York cocoa rose $20, or 0.9%, to $2,312 a tonne.


* September arabica coffee fell 0.3 cents, or 0.3%, to 98.45 cents per lb, having hit a nine-month low of 94.55 cents last week.

* September robusta coffee fell $1, or 0.1%, to $1,186 a tonne. (Editing by Mark Potter)

Nuestros Estándares: Los principios Thomson Reuters.