Agriculture Industry

Raw sugar steadies after plumbing to one-year low

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02 August 2022, New Delhi: Raw sugar futures on ICE steadied on Monday as the market continued to consolidate after plumbing one-year lows last week. Coffee and cocoa rose, meanwhile. 

October raw sugar fell 0.2 per cent to 17.51 cents per lb at 1229 GMT. The contract lost 6.9 per cent in July, hitting a one-year low of 17.32 last Wednesday.

Falling energy prices tend to weigh on sugar by prompting cane mills in top producer Brazil to ramp up sugar output at the expense of ethanol. October white sugar fell 0.8 per cent to $522.80 a tonne.

September arabica coffee rose 0.8 per cent to $2.1910 per lb. The contract lost seven per cent in July, but gained more than 3.5 per cent last week. September robusta coffee 0.7 per cent to $2,044 a tonne. September New York cocoa rose 0.7 per cent to $2,390. September London cocoa rose 0.7 per cent to £1,716 a tonne.

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