July 23, 2019 / 11:58 AM / a month ago

SOFTS-Raw sugar futures turn higher after equalling 8-week low

LONDON, July 23 (Reuters) - Raw sugar futures on ICE rose on Tuesday after earlier equalling an eight-week low set late last week, while a strong dollar weighed on New York cocoa.

SUGAR

* October raw sugar was up 0.04 cents, or 0.35% at 11.60 cents per lb at 1143 GMT, having fallen as low as 11.53 cents.

* Dealers said the market was technically oversold after falling about eight percent so far this month and there may be scope for a modest recovery in prices in the short-term.

* Concern about crop outlooks in India and Thailand also continued to underpin the market.

* “Indian dam levels remain below average for this time of year, and dryness in northern Thailand is also causing some crop stress,” broker Marex Spectron said in a market note.

* October white sugar was down $0.60, or 0.2%, at $314.50 a tonne.

COCOA

* September New York cocoa was down $18, or 0.7%, at $2,514 a tonne.

* Dealers said a stronger dollar helped trigger a modest pullback after a steady rise in prices during the last few days.

* The main focus remained on the implementation of a new pricing mechanism for the 2020/21 season in Ivory Coast and Ghana with details on how it will work in practise still unclear.

* September London cocoa fell 2 pounds, or 0.1%, to 1,864 pounds a tonne with the market underpinned by sterling’s weakness.

* Rains were below average last week in most of Ivory Coast’s cocoa growing regions and more sun was needed for the main October-to-March main crop to develop well, farmers said on Monday.

COFFEE

* September arabica coffee was down 0.4 cents, or 0.3%, at $1.0475 per lb.

* September robusta coffee was down $12, or 0.9%, at $1,381 a tonne. (Reporting by Nigel Hunt; Editing by Kirsten Donovan)

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