Raw sugar futures climb; focus on India and Brazil


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LONDON — Raw sugar futures on ICE rose sharply on Tuesday as the market awaited clarity on India’s export quota this season while there was also concern about the potential for disruption to exports from Brazil after Sunday’s presidential election.


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* March raw sugar was up 2.7% at 18.46 cents per lb by 1524 GMT.

* Dealers said the market was awaiting news on India’s export quota for the new marketing year that began on Oct. 1, with an announcement possible this week.

* The market was also keeping a close watch on tensions in Brazil after leftist former President Luiz Inacio Lula da Silva narrowly won Sunday’s presidential election.

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* Brazil’s Supreme Court on Tuesday ordered police to remove scores of roadblocks set up by supporters of President Jair Bolsonaro to protest against his defeat in the election, though the far-right leader remained silent about the result.

* December white sugar rose 1.1% to $533.20 a tonne.


* December arabica coffee fell 1.1% to $1.7570 per lb, slipping back towards a 15-month low of $1.6775 set on Friday.

* Dealers said sluggish demand and an improving outlook for next year’s crop in Brazil were keeping the market on the defensive, though the pace of fund selling had slowed since they moved to a net short position.

* Brazilian coffee farmers are defaulting on contracts for a second year running, said traders and lawyers representing the industry, failing to deliver on pre-agreed sales and exposing trade houses to losses.

* January robusta coffee fell 0.4% to $1,846 a tonne after setting a 14-month low of $1,826.


* December New York cocoa rose 0.4% to $2,344 a tonne.

* March London cocoa rose 0.4% to 1,893 pounds a tonne​. (Reporting by Nigel Hunt Editing by Kirsten Donovan and David Goodman )


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