April 1, 2019 / 12:38 PM / 3 months ago

SOFTS-Raw sugar hits one week low on signs of weak demand

LONDON, April 1 (Reuters) - Raw sugar prices hit a one week low on Monday as the premium for white versus raws collapsed, indicating weak demand from end-use sectors.

SUGAR

* May raw sugar fell 0.11 cent, or 0.9 percent, to 12.41 cents per lb at 1149 GMT.

* The contract shed 1.6 percent last month and has traded at between 12 and 13 cents for the most of 2019.

* May white sugar was down $1.1, or 0.3 percent, at $323.70 per tonne, having hit its lowest since Oct 1 at $322.

* The premium for May white sugar over May raws fell sharply last month to around $50 a tonne from about $65 a month earlier. The low premium was seen curbing refineries’ demand for raws.

* “This drop started with whites, now we (will) see raws follow. Refineries need a whites premium of over 70 or 80 (dollars),” said Claudiu Covrig, analyst at S&P Global Platts.

* Speculators increased their net short position in raw sugar futures on ICE by 6,144 contracts to 129,328 in the week to March 26.

* Egypt’s state buyer the Sugar and Integrated Industries Company ESIIC is seeking 50,000 tonnes of raw cane sugar in a tender.

* French sugar group Tereos will pay sugar beet farmers in more instalments this season than previously as it struggles with a market slump that it expects will lead to a full-year loss.

COFFEE

* May arabica coffee fell 0.35, or 0.37 percent, to 94.15 cents per lb, having set a contract low of 92.60 last week.

* The monthly contract shed 4.1 percent in March, after falling 9.7 percent in February, weighed by excess supplies.

* May robusta coffee was down $2 or 0.14 percent at $1,454 per tonne.

* Indonesia’s exports of Sumatra robusta coffee beans in March rose 6 percent to 6,563.4 tonnes from the same period last year.

COCOA

* May London cocoa rose 12 pounds, or 0.7 percent, to 1,740 pounds per tonne, while May New York cocoa rose $25, or 1.1 percent, to $2,305 per tonne.

* The New York contract gained 1.5 percent last month, its second straight month of gains.

Reporting by Maytaal Angel; Editing by Kirsten Donovan and Louise Heavens

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