SOFTS-Raw sugar extends gains, with India exports still on hold

(Adds settlement prices)

NEW YORK/LONDON, Nov 13 (Reuters) - ICE raw sugar prices edged up on Friday after sharp gains in the previous session, with the market holding an upside bias as traders await news from India on its sugar export policy.


* March raw sugar settled up 0.04 cents, or 0.3%, at 14.96 cents per lb, heading back towards last week’s 8 month top of 15.23 cents. The contract rose 0.3% on the week.

* India’s sugar export policy for this season has yet to be announced, and there is concern the export subsidy rate could hit shipments if it falls far short of last season’s.

* Dealers said the sugar price trend is positive in the short term, with exports from Thailand sharply reduced, Indian exports on hold for now, and Asian economies gaining some control over the coronavirus pandemic.

* December white sugar, which expired in the session, settled at $406.80.


* December arabica coffee settled down 0.85 cents, or 0.8%, at $1.0925 per lb.

* The contract rose 2.2% on the week.

* “We adjust our 0-3 month (arabica) target down to $1.07/lb, as a wide surplus of 4.3 million bags for the 2020/21 crop year is pencilled,” said Citi in a monthly report.

* January robusta coffee settled down $3, or 0.2%, at $1,410 a tonne, having earlier hit its highest since mid-September.

* Fresh coffee supply from top grower Vietnam’s 2020/21 robusta harvest has yet to pick up because heavy rains over the past month have disrupted cherry picking.


* March New York cocoa settled up $9, or 0.4%, to $2,365 a tonne.

* Cocoa arrivals at ports in top grower Ivory Coast reached 366,183 tonnes between Oct. 1 and Oct. 31, up 11.2% from the same period last season, data from the cocoa regulator (CCC) showed.

* Citi sees New York cocoa averaging $2,315/t in 2021, and maintained its forecast for a 300,000 tonne surplus next year given prospects for a record global harvest.

* It sees demand steadying next year as economies recover from the pandemic, but said vaccine deployment could only be a game changer for 2021/22 consumption.

* March London cocoa settled down 3 pounds, or 0.2%, to 1,608 pounds per tonne. (Reporting by Maytaal Angel, additional reporting by Jessica Resnick-Ault; Editing by Elaine Hardcastle, Kirsten Donovan, Grant McCool)