July 8, 2020 / 11:11 AM / a month ago

SOFTS-Raw sugar slips but holds above 1-wk low; cocoa tumbles

LONDON, July 8 (Reuters) - Raw sugar prices fell on Wednesday as the wider financial markets slumped, though they held above the prior session’s one week low. Arabica coffee steadied meanwhile and London cocoa resumed its descent, nearing 1-1/2 year lows.

SUGAR

* October raw sugar inched down 0.09 cents, or 0.7%, to 12.09 cents per lb​​ at 1053 GMT, having hit a low of 11.78 on Tuesday.

* Sugar’s upside remains limited by the prospect of substantial supplies from Brazil and India in the coming months, and fears over weakening demand, consultants Agritel said.

* They added, however, that funds are taking a bullish view of sugar as oil prices attempt a recovery.

* Rising oil prices encourage cane mills in Brazil to ramp up cane-based ethanol output at the expense of sugar.

* German ethanol producer CropEnergies, a unit of German sugar producer Suedzucker, said EU demand for bioethanol is likely to recover amid easing coronavirus lockdowns across the region.

* Indonesian state owned plantation company PT Perkebunan Nusantara III will add 60,000 to 70,000 hectares to its sugar plantation to meet domestic white sugar demand. Indonesia is the world’s second biggest sugar importer after China.

* August white sugar fell $3.60, or 1%, to $346.90 a tonne.

COCOA

* September London cocoa ​​fell 11 pounds, or 0.7%, to 1,572 pounds per tonne, near Monday’s 1-1/2 year low of 1,750.

* Prospects are improving for next season’s crop from top producer Ivory Coast, while demand for the chocolate ingredient continues to falter.

* September New York cocoa fell $11, or 0.5%, to $2,137 a tonne, having hit its lowest since March 2019 on Tuesday.

COFFEE

* September arabica coffee rose 0.05 cents, or 0.05%, to 100.35.50 cents per lb, steadying after Monday’s near 5% loss on receding worries over adverse weather in Brazil.

* September robusta coffee rose $2, or 0.2%, to $1,193 a tonne.

Reporting by Maytaal Angel; editing by Louise Heavens

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