March 10, 2020 / 12:25 PM / a month ago

SOFTS-Raw sugar edges up as commodity markets rebound

LONDON, March 10 (Reuters) - Raw sugar futures on ICE edged higher on Tuesday, boosted partly by gains in crude oil and other commodity markets, while coffee and cocoa prices also advanced.

SUGAR

* May raw sugar was up 0.02 cents, or 0.2%, at 12.63 cents per lb by 1216 GMT after setting a 4-1/2 month low of 12.18 cents on Monday.

* Dealers said the market derived support from a rebound in crude oil prices on Tuesday.

* They remained concerned, however, that recent weakness in energy markets may lead to more use of cane in Brazil to make sugar rather than biofuel ethanol.

* “The market does not need Brazil’s mills to produce more sugar but it may be a bit late to avoid that,” Commonwealth Bank of Australia analyst Tobin Gorey said.

* May white sugar rose $2.10, or 0.6%, to $357.70 a tonne.

COFFEE

* May arabica coffee rose 3.05 cents, or 2.8%, to $1.1225 per lb, extending its rebound from a three-week low of $1.0255 set on Monday.

* The market was supported partly by tightening supplies with exchange stocks continuing to decline.

* Record arabica premiums in physical markets could spur fund-buying because traders expect they will have a knock-on effect on availability of coffee stocks for delivery when exchange contracts expire.

* May arabica coffee may rise to $1.1370 per lb, as it has cleared a resistance at $1.0830, Reuters technical analyst Wang Tao said.

* May robusta coffee was up $22, or 1.8%, at $1,269 a tonne.

COCOA

* May New York cocoa was up $10, or 0.4%, at $2,555 a tonne after setting a two-month low of $2,509 on Monday.

* Dealers said the market continued to be influenced by trends in other financial and commodity markets although there also remained a focus on the extent to which dry weather in the season could reduce the size of mid-crops in West Africa.

* Farmers in top grower Ivory Coast said on Monday that above average rainfall last week could boost the crop outlook.

* May London cocoa rose 18 pounds, or 1.0%, to 1,867 pounds a tonne, also boosted by a weaker pound. (Reporting by Nigel Hunt;Editing by Kirsten Donovan)

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