BLBG:Sugar May Fall for a Third Day in New York on Supply Outlook; Coffee Drops
Sugar may decline for a third day in New York on speculation exports may be abundant. Coffee fell.
Thailand, the world’s second-biggest sugar exporter, may boost shipments by as much as 5 percent next year, while India on Aug. 12 approved additional exports for 500,000 metric tons, a 24 percent increase. Sugar prices in New York have dropped 15 percent this year.
“With recent talk regarding supplies, it seems that markets are aware of price resistances,” said Brenda Sullivan, a senior market strategist at Sucden Financial Ltd. in London.
Raw sugar for October delivery dropped 0.06 cent, or 0.2 percent, to 27.42 cents a pound by 7:47 a.m. on ICE Futures U.S. in New York. White, or refined, sugar for October delivery fell $5.30, or 0.7 percent, to $730.50 a ton on NYSE Liffe in London.
Arabica coffee for December delivery fell 2.4 cents, or 1 percent, to $2.47 a pound in New York. Robusta coffee for November delivery declined $18, or 0.8 percent, to $2,311 a ton in London.
Cocoa for December delivery fell $4, or 0.1 percent, to $2,927 a ton in New York. Cocoa for December delivery gained 10 pounds, or 0.5 percent, to 1,863 pounds ($3,050) a ton in London.
To contact the reporter on this story: Maria Kolesnikova in London at mkolesnikova@bloomberg.net
To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net.