Includes closing costs, provides feedback
NEW YORK/LONDON, Might 24 (Reuters) – Uncooked sugar futures on ICE recovered on Monday after hitting a one-month low as speculators liquidated lengthy positions and indicators the market stays properly provided. Arabica espresso costs fell following latest multi-year highs.
SUGAR
* July uncooked sugar SBc1settled up 0.16 cent, or 1.0%, at 16.83 cents per lb, recovering after hitting a one-month low of 16.54 cents earlier within the session.
* Sellers stated the market is properly supported given ongoing issues over the crop in high producer Brazil, in addition to by the ethanol value parity with sugar within the nation.
* They added that the market is properly provided for now and the futures curve construction is weak, so funds are unlikely to reinstate their lengthy positions in the meanwhile.
* Rains over many of the cane fields in Brazil in coming days might delay the harvest, sellers stated, however are optimistic for growth of the cane to be processed late within the crop.
* August white sugar LSUc1settled up $2.00, or 0.4%, at $449.40 a tonne.
COFFEE
* July arabica espresso KCc1settled down 1.1 cent, or 0.7%, at $1.49 per lb, having set a four-year peak of $1.5365 on Thursday.
* “Drought in Brazil is hurting vegetation throughout a key stage of their growth and has been so extreme it has restricted the variety of new nodes that bushes have shaped to hold the 2022 harvest,” stated Saxo Financial institution in a observe.
* Rains this week, nevertheless, might enhance the scenario barely.
* Elsewhere, street blockades linked to weeks of anti-government protests in Colombia, the world’s second largest arabica exporter, are stymieing espresso exports.
* July robusta espresso LRCc2was steady at $1,478 a tonne.
COCOA
* July London cocoa LCCc1settled down Four kilos, or 0.2%, to 1,630 kilos per tonne.
* July New York cocoa CCc1 fell $67, or 2.7%, to $2,389 a tonne.
* ICE New York cocoa speculators switched to a internet lengthy place of 344 contracts within the week to Might 18, including 4,618 contracts.
* Rain was scarce throughout Ivory Coast’s cocoa-growing areas for the second week in a row, farmers stated, sparking fears that the present mid-crop might tail off in direction of the tip of June.
(Reporting by Marcelo Teixeira and Maytaal Angel; Modifying by David Evans, Jan Harvey and David Gregorio)
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