Welcome to Markets Desk, here's what's moving in commodities and beyond.
Sugar prices are sliding to one-and-a-half-week lows today, with October New York world sugar off nearly a third of a percent and London white sugar down two-thirds of a percent. Weak physical demand is the culprit, extending losses that have built steadily through the week and signaling buyers aren't stepping in at current levels.
Shifting to the softs complex, coffee is under its own pressure, with December arabica falling to a two-and-a-half-month low as robusta sheds more than one percent. The driver here is a broadly improved global supply outlook that has weighed on prices for three consecutive weeks now, giving sellers the upper hand and leaving bulls with little to work with.
Cocoa, meanwhile, is the outlier in an otherwise soft agricultural session, with New York December futures up nearly one percent and London contracts gaining close to one-and-a-half percent. Prices continue to consolidate in a tight range between last week's three-week low and the eleven-and-a-half-month high set at the end of August, suggesting the market is coiling rather than breaking.
That's the tape. Markets Desk, signing off the floor.
