LONDON: Raw sugar futures on ICE steadied on Friday, after hitting a near 6-year high in the previous session, while coffee and cocoa prices slid.
SUGAR: March raw sugar edged up 0.2% to 20.01 cents per lb by 1552 GMT. The front month had risen to a peak of 20.73 cents on Thursday, the highest level since February 2017.
Dealers said weaker energy prices had contributed to a less bullish tone in the market, along with the possibility that India may allow additional sugar exports in January.
Pakistan’s decision this week to lift a ban on sugar exports after record production this year also put a lid on prices.
March white sugar edged up 0.1% to $545 a tonne.
COFFEE: March arabica coffee fell 4.1% to $1.6460 per lb although the market remained on track for a weekly gain of around 4%.
Dealers said the recent run-up was largely technically driven although slow farmer selling in Brazil has also provided some support.
Exchange stocks, however, continued to climb while US green coffee stocks also posted a first increase in three months during November.
ICE certified coffee stocks stood at a five-month high of 743,010 bags, as of Dec. 15. There were also 322,495 bags pending grading.
March robusta coffee fell 0.3% to $1,873 a tonne.
COCOA: March London cocoa fell 0.3% to 1,967 pounds a tonne. March New York cocoa fell 1.6% to $2,476 a tonne.