June 25, 2020 / 12:26 PM / 10 days ago

SOFTS-Raw sugar slides on worries over excess supply, COVID-19

LONDON, June 25 (Reuters) - ICE raw sugar hit a one-week low on Thursday as further signs of excess looming supplies emerged and as demand concerns escalated given fears over a second wave of coronavirus infections.

SUGAR

* July raw sugar was down 0.04 cents, or 0.3%, at 11.71 cents per lb at 1203 GMT, having matched Wednesday’s one-week low of 11.65 cents.

* August white sugar fell $2.70, or 0.8%, to $354 a tonne.

* India’s sugar production in the next marketing year could jump by 12% from a year ago, an outcome that might force New Delhi to extend incentives for sugar exports in the new season.

* “With the Brazilian and Australian crush underway, plus COVID-19-reduced 2019/20 consumption, Rabobank holds a bearish short-term price view - forecasting 10.50 cents per lb in the third quarter,” said the bank in a note.

COCOA

* September London cocoa was up 43 pounds, or 2.5%, at 1,752 pounds a tonne.

* Cocoa is recovering after hitting a more than one-year low of 1,660 pounds on Monday as signs emerged that the global economic downturn was hurting demand.

* “Physical surpluses may be as large as 300,000 (tonnes) in 2020/21, double previous projections. Brazil cocoa grindings (a proxy for demand) fell 7% in April and 36% in May,” said Citi in a note.

* “U.S. chocolate candy sales are on trend to decline 7-10% year on year in the second quarter,” it added.

* September New York cocoa rose $58, or 2.5%, to $2,364 a tonne.

COFFEE

* September arabica coffee fell 1.4 cents, or 1.4%, to 96.45 cents per lb, under pressure from a weakening Brazilian real.

* September robusta coffee fell $17, or 1.5%, to $1,159 a tonne.

* Domestic coffee prices in Vietnam rose this week due to tight supplies, traders said. (Editing by Jan Harvey)

Nuestros Estándares:Los principios Thomson Reuters
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