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London, September 23 (Reuters) – sugar, Coffee and Cocoa New York ICE futures fell on Friday amid growing concerns about a global economic slowdown on the back of higher interest rates.
TheCocoa ondon rallied, with the pound dropping to a 37-year low against the dollar after British Chancellor of the Exchequer Kwasi Quarting put in place a series of tax cuts in an effort to boost growth. GBP/
*Raw October sugar SBc1 wlowest1.1% to 18.28 Cents per pound 1309 GMT.
* Traders said the market remains supported by short-term supply tightness in both raw sugar and white sugar although overall a global surplus is still expected in the 2022/23 season.
* The shift towards using more sugarcane to make sugar rather than biofuels derived from cane ethanol in Brazil as the number one product, should ensure that there is ample supply in the medium term.
“With the outlook for the global economy still weak and expectations of monetary policy tightening continuing to increase the outlook for sugar prices remains bleak, with more sugar shifting toward sweetening rather than ethanol production,” Fitch Solutions said in a note.
*December white sugar LSUc1 Decreased by 1% to $531.70 per ton.
* Arabica coffee December KCc1 Drops 1.7% to $2.1985 per pound.
* Traders said rain in Brazil and the possibility of more rain over the next two weeks improved forecasts for next year’s crop in the world’s largest producer.
* “The moisture supply will be completely replenished in most parts of Brazil, which will help the flowering,” the Maxar meteorological service said in a report.
*Ben Robusta November LRCc2 down 0.8% to $2,221 on him.
* December New York Cocoa CCc1 down 1.8% at $2,280 on him.
* Chocolate production in Brazil and the world fifth largest The industrial group APICAP said on Thursday that the market for the product increased by 11.43% in the first half of 2022 compared to the same period last year.
* Cocoa London December LCCC1Has risen 0.3% to 1,866 pound ton, howl With a weak pound.
(Reporting by Nigel Hunt; Editing by Kirsten Donovan and Paul Simow)
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