NEW YORK/LONDON (Reuters) – Raw sugar closed with little change on ICE on Monday after hitting a month-long peak.
SUGAR
* Raw sugar for March closed at 19.92 cents per pound, after touching 20.10 cents, the highest in nearly a month. The contract gained 3.4% last week.
* Broker Marex Spectron says demand for sugar has returned, supported by the recent drop in prices and lower freight rates.
* “This was the missing ingredient and now it means that the market should be able to rely on constant consumer buying, while the producer’s sale is uncertain because (they) are naturally afraid of selling too early and too cheaply,” said the broker .
* India’s harvest is advancing as traders say around 50 mills have started grinding, while the weather in Brazil remains positive for crop development.
* White sugar for December advanced 6.3 dollars to 514.40 dollars a ton.
COFFEE
* Robusta coffee for January closed down 15 dollars, or 0.7%, to 2,166 dollars a ton. The contract hit a four-and-a-half-year high of $2,278 at the end of October.
* Operators say the 2021/22 crop in Vietnam, the largest producer of robusta, is expected to match the 2020/21 crop, adding less than previously expected 29 million 60 kg bags because many farmers did not apply fertilizer enough due to rising prices.
* The country’s 2021/22 harvest was expected to reach 31 million bags, they said.
* Arabica coffee for March fell 3.95 cents to $2,0245 per pound.
* Operators say ICE certified Arabica inventories are at their lowest levels since April.
(Reporting by Marcelo Teixeira and Maytaal Angel)
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