June 3, 2020 / 10:44 AM / a month ago

SOFTS-Raw sugar hits two-month peak; coffee and cocoa also up

LONDON, June 3 (Reuters) - Raw sugar futures on ICE climbed to their highest in more than two months on Wednesday, buoyed by a global rally in equities and gains in crude oil, while coffee and cocoa also rose.

SUGAR

* July raw sugar was up 0.11 cents, or 1%, at 11.33 cents per lb by 1033 GMT after peaking at 11.38 cents, the highest level for the front month since March 27.

* Dealers said that the more constructive macroeconomic backdrop had helped to trigger fund buying.

* An increase in production in Centre-South Brazil this season and the prospect of a rebound in India helped to limit the rally in sugar prices.

* August white sugar was up $3, or 0.8%, at $373 a tonne.

* French sugar group Tereos on Wednesday reported a sharp rise in 2020 core earnings, helped by growth across all its main units, and reduced its net debt.

COCOA

* July New York cocoa was up $18, or 0.75%, at $2,420 a tonne, recovering some of the ground lost in Tuesday’s steep fall.

* Dealers said concerns about declining demand combined with an improving crop outlook in top grower Ivory Coast after recent rains had weighed on prices this week.

* “Weeks of insufficient rainfall had worsened the prospects for the ongoing mid-crop. Last week saw considerable rainfall, however, and those cocoa producers surveyed by Reuters expressed satisfaction with the situation,” Commerzbank said in a note.

* July London cocoa rose 5 pounds, or 0.3%, to 1,903 pounds a tonne​.

COFFEE

* July arabica coffee rose 0.45 cents, or 0.5%, to 98.65 cents per lb.

* July robusta coffee was up $6, or 0.5%, at $1,185 a tonne. (Reporting by Nigel Hunt Editing by David Goodman )

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