Raw sugar on track for fourth consecutive annual gain

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LONDON — Raw sugar futures on ICE eased on Friday in the final session of 2022 although the market was on track for a fourth consecutive annual gain, buoyed by tight supplies of the sweetener.

SUGAR

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* March raw sugar fell 0.4% to 20.20 cents per lb by 1442 GMT.

* Dealers noted the market continued to find support between 20.10 to 20.20 cents a lb.

* Raw sugar prices are on track for an annual gain of about 7% supported by supply tightness that is expected to continue through the first quarter of 2023.

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* March white sugar slipped 0.7% to $557.70 a tonne.

* White sugar prices are on course for an annual gain of about 12.2%.

COFFEE

* March arabica coffee fell 0.9% to $1.6855 per lb.

* Arabica coffee prices are on track for an annual loss of about 25.5% weighed by concerns a global economic downturn will curb demand, a generally favorable outlook for next year’s crop in top producer Brazil and rising exchange stocks.

* Dealers noted ICE certified coffee stocks stood at a 5-1/2 month high of 808,201 bags, as of Dec. 29. There were 242,447 bags pending grading.

* March robusta coffee fell 1.15% to $1,801 a tonne.

* Robusta coffee prices are on course for an annual loss of about 24%.

COCOA

* March London cocoa rose 0.2% to 2,049 pounds a tonne.

* London cocoa prices are on track for an annual gain of around 20.5%, boosted partly by a decline in the value of the pound versus the dollar during 2022.

* March New York cocoa fell 0.04% to $2,577 a tonne.

* New York cocoa prices are on course for an annual gain of about 2.3%. (Reporting by Nigel Hunt; Editing by Emelia Sithole-Matarise, Kirsten Donovan)

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