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LONDON: Sugar futures fell by more than 4 per cent on Tuesday to the lowest levels in about five months, as a bearish crop estimate for top consumer India provided further fuel for the market's downward slide. Sugar has now lost about one-third of its value since ICE raws climbed to a 29-year peak in early February.
Cocoa futures also fell, with prices on ICE hitting a 6-1/2 month low, after the chief of the International Cocoa Organization provided bearish crop forecasts in a Reuters Insider television interview.
ICE May raw sugar dipped to a low of 20.53 cents a lb, the lowest level for the contract since Oct. 9, 2009 and stood 0.92 cent or 4.27 per cent weaker at 20.65 cents a lb at 1643 GMT.
May white sugar on Liffe stood $28.70 or 4.9 per cent weaker at $561.10 per tonne after hitting $558.70, the lowest level for the contract since Oct. 12, 2009. ICE May arabica futures rose 2.40 cents or 1.83 per cent to $1.3350 per lb, while Liffe May robustas were up $13 or 1.1 per cent at $1,235 per tonne, after touching a contract low of $1,214 per tonne. -Reuters |