Raw sugar futures rose on Monday to their highest level in nearly six years, as worries about tight supplies mounted on a diminishing outlook for production in India.
Arabica coffee also rose, hitting a one-month peak.
SUGAR
* March raw sugar settled up 0.25 cents, or 1.2%,
at 21.21 cents per lb after peaking at 21.33 cents - the highest
level for the front month since early February 2017.
* Dealers said the potential for more Indian exports had
been dented by crop concerns, which have centered on the top
producing state, Maharashtra.
* "The focus has been on lower Indian crop estimates and the
possibility that India's govt won't allow further exports for
22/23," analysts Green Pool said in a weekly update.
* March was trading at a premium to May of about
1.39 cents a lb on Monday, up from about 1.36 cents at the close
on Friday.
* Some brokers, however, warned that the market was entering
overbought territory and could see a correction downwards.
* March white sugar rose $6.30, or 1.1%, at $568.70
a tonne.
COFFEE
* March arabica coffee settled up 0.5 cents, or
0.3%, at $1.704 per lb??. The contract hit the highest price in
one month at $1.7165.
* "The bullish trend is now facing resistance at 170-174
cents area, the previous ceiling that kept the market range
bound for a month. A break higher here could ignite short
covering towards 180 cents," said Ryan Delany, chief analyst at
Coffee Trading Academy.
* March robusta coffee fell $16, or 0.8%, at $2,037
a tonne.
* Vietnam exported 160,000 tonnes of coffee in January, down
30.9% from a year earlier, government data released on Sunday
showed.
COCOA
* March New York cocoa ?settled down $16, or 0.6%, to
$2,611 a tonne.
* Cocoa arrivals at ports in top grower Ivory Coast had
reached 1.540 million tonnes by Jan. 29 since the start of the
season on Oct. 1, exporters estimated on Monday, up 5.7% from
the same period last season.
* March London cocoa rose 3 pounds, or 0.1%,
to 2,038 pounds per tonne?.
(Reporting by Marcelo Teixeira and Nigel Hunt; Editing by
Sharon Singleton, Arun Koyyur and David Gregorio)
