June 19, 2020 / 12:16 PM / 13 days ago

SOFTS-Raw sugar prices rise as commodity markets climb

LONDON, June 19 (Reuters) - Raw sugar futures on ICE were higher on Friday, boosted by gains in crude oil and many other commodity markets, while arabica coffee and cocoa prices also edged up.


* July raw sugar was up 0.09 cents, or 0.8%, at 11.98 cents per lb​ at 1202 GMT as the market continued to consolidate below a three-month high of 12.27 cents set earlier this month.

* Dealers said the market has lost momentum partly due to concerns about weakening consumption which have particularly impacted the whites market.

* Speculators have also now covered a net short position. [nAQN02O6T1

* “Prices remain not far off recent highs but do not seem to have the impetus to go further. We, and many others, suspect that impetus is lacking because some investors no longer hold a stale short position they need to buy back,” Commonwealth Bank of Australia analyst Tobin Gorey said.

* August white sugar fell $5.30, or 1.4%, to $365.90 a tonne.


* September London cocoa rose 2 pounds, or 0.1%, to 1,703 pounds per tonne, extending its rebound from a more than one-year low of 1,663 pounds set earlier this week.

* Dealers said the market was technically oversold following a prolonged slide and so a short-term bounce was not unexpected.

* The concerns about weak demand which have helped to trigger the recent fall in prices, however, persist and may limit the scope of any recovery.

* “While cocoa could drift a little lower, we believe much of the decline is behind us...in the short term,” Fitch Solutions said in a note.

* September New York cocoa rose $1, or 0.04%, to $2,271 a tonne.


* September arabica coffee rose 0.45 cents, or 0.5%, to 97.20 cents per lb, having hit a nine-month low of 94.55 cents on Monday.

* September robusta coffee fell $8, or 0.7%, to $1,156 a tonne. (Reporting by Nigel Hunt Editing by Mark Heinrich)

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