Soft futures mixed; sugar trades near lowest since July 2010
Investing.com
Published Dec 18, 2013 07:39AM ET
Sugar trades near 3-1/2-year low
On the ICE Futures U.S. Exchange, sugar futures for March delivery traded at USD0.1596 a pound, up 0.2%. Prices of the sweetener fell to a session low of USD0.1586 a pound earlier, the weakest level since July 2, 2010. The March contract settled 1.91% lower on Tuesday to end at USD0.1596 a pound.
The International Sugar Organization raised its forecast for a global surplus of 4.7 million tonnes in the 2013-14 crop year that began on October 1, up from a previous estimate of 4.5 million tonnes.
Meanwhile, Arabica coffee for March delivery traded at USD1.1475 a pound, up 0.25%. The March Arabica contract held in a range between USD1.1440 a pound and USD1.1513 a pound.
The March contract lost 1% on Tuesday to settle at USD1.1415 a pound.
Coffee prices have been well-supported in recent sessions as investors closed out bets on lower prices, a move known as short-covering.
Coffee prices have been under heavy selling pressure in recent months, as traders monitored improving crop prospects in Brazil and Colombia. Coffee prices slumped to USD1.0100 a pound on November 7, the lowest since October 19, 2006.
Elsewhere, cotton futures for March delivery traded at USD0.8259 a pound, down 0.45%. Cotton prices traded in a range between USD0.8253 a pound and USD0.8292 a pound.
The March contract rallied to USD0.8372 a pound on Tuesday, the highest since October 18, before turning lower to settle at USD0.8295, down 0.52%.
Indications of robust demand from top consumer China have been supporting prices of the fiber in recent sessions.
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Written By: Investing.com
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