U.S. soft futures mixed; sugar re-approaches 3-1/2-year low
Investing.com
Published Jan 08, 2014 07:46AM ET
Sugar prices re-approache 3-1/2-year low
On the ICE Futures U.S. Exchange, sugar futures for March delivery traded at USD0.1590 a pound, down 1.3%. Prices of the sweetener fell by as much as 1.4% earlier in the day to hit a session low of USD0.1588 a pound, the weakest level since December 18.
The March contract ended Tuesday’s session down 0.12% to settle at USD0.1606 a pound.
Sugar prices have been on a downward trend in recent months as market players focused on prospects for increased production out of Brazil and Thailand. Prices of the sweetener fell to a three-and-a-half-year low of USD0.1586 a pound on December 18.
Meanwhile, Arabica coffee for March delivery traded at USD1.1830 a pound, up 0.7%. The March Arabica contract traded in a range between USD1.1765 a pound and USD1.1883 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. The March contract surged to USD1.2260 a pound on Tuesday, the highest since August 19, before turning sharply lower to settle at USD1.1725 a pound, down 3.1%, as a round of profit-taking kicked in.
Elsewhere, cotton futures for March delivery traded at USD0.8430 a pound, down 0.45%. Cotton prices held in a tight range between USD0.8402 a pound and USD0.8466 a pound. The March contract settled 1.24% higher on Tuesday to end at USD0.8467 a pound.
Cotton traders looked ahead to the U.S. Department of Agriculture’s closely-watched monthly supply-demand report due on Friday.
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