January 15, 2019 / 11:51 AM / 9 months ago

SOFTS-Raw sugar prices buoyed by gains in crude oil

LONDON, Jan 15 (Reuters) - Raw sugar futures on ICE strengthened on Tuesday, boosted by gains in crude oil, while a weaker pound boosted prices for London cocoa.


* March raw sugar was up 0.11 cents, or 0.9 percent, at 12.86 cents per lb by 1140 GMT.

* Oil prices rose on Tuesday on supply cuts by producer club OPEC and Russia, though a darkening economic outlook could soon weigh on growth in fuel demand.

* Higher oil prices encourage increased use of cane in Brazil to make biofuel ethanol rather than sugar and can therefore curb output of the sweetener.

* March white sugar rose $4, or 1.2 percent, to $347.50 a tonne.

* Germany’s second-largest sugar refiner, Nordzucker, on Tuesday became the latest European producer to report a slump in earnings after the collapse in prices.


* May London cocoa rose 3 pounds, or 0.2 percent, to 1,712 pounds a tonne.

* Sterling fell against the dollar on Tuesday as markets braced for parliament to give the thumbs-down to British Prime Minister Theresa May’s Brexit deal later in the day.

* May New York cocoa fell $4, or 0.2 percent, to $2,371 a tonne.

* Market participants were awaiting European cocoa grind data for the fourth quarter of 2018, due on Wednesday, for fresh indications of demand.


* March arabica coffee fell 0.35 cents, or 0.3 percent, to $1.0240 per lb.

* Dealers said the market was struggling to absorb a huge Brazilian crop while the outlook for the 2019 harvest was generally favourable, given that it will be an off-year in the country’s biennial cycle.

* Brazil’s 2019 coffee crop should reach a volume of 58.2 million 60kg bags, compared with a revised view of 63.05 million bags produced in 2018, coffee trader Comexim said on Monday. [nE6N1TR02D

* March robusta coffee was down $2, or 0.1 percent, at $1,526 a tonne. (Reporting by Nigel Hunt Editing by David Goodman)

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