Soft futures - Coffee trades near 4-week low amid oversupply fears
Michael Chen
Senior Web Developer
Meanwhile, sugar futures for March delivery traded at USD0.1882 a pound, up 0.5% on the day. The March contract rose by as much as 0.6% earlier in the session to hit a daily high of USD0.1884 a pound.
The March contract rose to USD0.1901 a pound last Friday, the strongest level since January 14.
Sugar futures have been on an upward trend since falling to a two-year low of USD0.1806 a pound on January 23, as market players closed out bets that prices would fall further after futures moved into oversold territory.
Prices also found support after Brazil set policies that could divert sugar cane earmarked for production of the sweetener to ethanol fuel, easing concerns over a global supply glut.
The South American country is the world’s largest sugar producer and exporter, with the USDA estimating the nation accounts for nearly 20% of global production and 39% of global sugar exports.
Elsewhere, cotton futures for March delivery traded at USD0.8133 a pound, down 0.5% on the day. The March contract fell by as much as 0.7% earlier to hit a session low of USD0.8123 a pound.
Prices have been prone to profit-taking in recent sessions after cotton futures rallied to an eight-month high of USD0.8394 a pound on January 24, amid indications of strong demand from top consumer China and concerns over U.S. supplies.
Source: investing.com/news/commodities-news/soft-futures---coffee-trades-near-4-week-low-amid-oversupply-fears-243887
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