SOFTS-ICE Raw Sugar See Biggest Weekly Gain This Year

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NEW YORK/LONDON, May 25 (Reuters) – ICE raw sugar edged higher in mixed trade on Friday, ending the week up nearly 7 percent as investors continued to cover a bearish stance amid persistent concerns over a trucker strike in Brazil.

Cocoa futures and arabica coffee both retreated.

New York and London softs markets will shut for public holidays on Monday and reopen on Tuesday.

SUGAR

* July raw sugar finished up 0.08 cent, or 0.65 percent, at 12.46 cents per lb.

* Prices notched the biggest one-week gain since mid-December, up for a second week. They hit the highest since late March on Thursday, as striking Brazilian truckers raised concerns about flows from the world’s top producer.

* Brazil’s Finance Minister on Friday said the government must find “structural solutions” to rising diesel prices, as truckers protesting fuel costs continued a nationwide blockade. President Temer authorized federal forces to clear highways.

* The government had reached a deal late Thursday with several associations representing the drivers to suspend the protests but a key group was not among those.

* “The main focus continues to be on Brazil,” said Agrilion advisors in a daily note.

* News that India will build stockpiles also boosted prices this week.

* ICE August white sugar settled unchanged at $351.4 per tonne after hitting late March highs on Thursday.

SOURCENewStage

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