NEW YORK/LONDON (Reuters) – Sugar and coffee futures on ICE closed higher on Tuesday, tracking a modest rally in equity and commodity markets after Monday’s sell-off despite rapid spread of the ICE variant. Ômicron coronavirus help keep a check on prices.[MKTS/GLOB]
SUGAR
* Raw sugar for March closed up 0.15 cents, or 0.8%, at 18.74 cents per pound. The contract hit a low since December 2 on Monday at 18.52 cents on the dollar.
* Traders said funds have reduced long positions in recent days and risk appetite would have to be restored for the market to recover significantly.
* They note that fundamentals remain supportive, with many expecting a small global deficit in the 2021/22 season.
* “Ultimately, the market is still stuck in the range we’ve been targeting for several months,” says one broker, indicating a price range between 18.50 cents and 20.50 cents for the first-month contract.
* White sugar for March was up $4.30, or 0.9%, to $492.10 a ton.
COFFEE
* Arabica coffee for March closed up 4.15 cents, or 1.9%, at $2.2825 a pound, regaining ground after falling 4.5% on Monday.
* Trading volumes on Tuesday were down nearly half the level of the previous session as more market participants went out of business for the year.
* Traders say the rains in Brazil’s coffee belt are helping cherries to grow and improving prospects for next year’s crop in the world’s largest producer.
* There were also rains in Vietnam that affected the harvest and the drying process of the grain in the world’s largest producer of robusta.
* Robusta coffee for March rose $9, or 0.4%, to $2,317 a ton.
(Reporting by Marcelo Teixeira and Nigel Hunt)
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