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Raw sugar gains on prospect of more India export curbs

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NEW YORK/LONDON — Raw sugar futures on ICE rose modestly on Friday on reports that India is likely to impose a ceiling on sugar exports next season and after Brazil’s oil company Petrobras raised gasoline prices, a move that could impact sugar production.


* July raw sugar rose 0.02 cent, or 0.1%, at 18.60 cents per lb, after touching a week-high of 18.96 earlier. Tumbling oil prices on recession fears capped sugar gains.

* India, a top sugar producer, is likely to impose a ceiling on sugar exports for a second straight year starting this October, aiming to ensure domestic supplies.

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* Brazilian state-run oil company Petrobras said on Friday it would increase gasoline and diesel prices beginning on Saturday, in a move that favors ethanol.

* The sugar market continues to digest proposed tax changes in Brazil aimed at curbing inflation, including fuel price inflation. The changes could lead mills to use more cane to make sugar rather than biofuel ethanol. However, the exact impact remains unclear.

* August white sugar rose $2.60, or 0.5%, at $561.40 a tonne.


* September arabica coffee fell 4.4 cents, or 1.9%, to $2.274 per lb, amid a sell-off in the commodities complex as investors sought less riskier assets.

* Dealers said the market, however, remained underpinned by falling ICE certified stocks , which fell below 1 million bags for the first time since February on Thursday, staying just shy of the lowest level in 22 years.

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* Commodity traders are shipping arabica coffee from Europe-based ICE futures exchange warehouses to the United States, five trade sources told Reuters, amid reduced global supplies.

* Starbucks is said to be sacking the head of its North America operations.

* September robusta coffee fell $25, or 1.2%, at $2,079 a tonne.


* September New York cocoa settled up $56, or 2.4%, to $2,433 a tonne, extending its rebound from Wednesday’s 6-1/2-month low of $2,344.

* September London cocoa rose 37 pounds, or 2.2%, to 1,745 pounds per tonne​​​​​​​​​​, having hit a three-month low on Thursday. (Reporting by Marcelo Teixeira, Maytaal Angel and Nigel Hunt; Editing by Amy Caren Daniel and Marguerita Choy)

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