Recasts, contains closing costs and feedback
NEW YORK/LONDON, July 2 (Reuters) – Uncooked sugar futures on ICE rose once more on Friday to shut the week with robust beneficial properties, with traders ready for assessments of potential harm carried out to the cane crop in prime producer Brazil from this week’s frosts.
SUGAR
* October uncooked sugar SBc1 closed up 0.21 cent, or 1.2%, at 18.15 cents per lb, a day after hitting its highest since late February. The contract gained 6.9% within the week.
* Sellers mentioned the market remained supported by the frosts that hit cane areas in prime producer Brazil this week.
* “Temperatures (are) now forecast to return to regular. Any harm to cane although is finished and the assessments will filter by over the approaching days,” mentioned Commonwealth Financial institution of Australia.
* Brazil exported 2.75 million tonnes of sugar in June vs 2.71 mln a yr in the past, knowledge confirmed.
* August white sugar LSUc1 misplaced $0.40, or 0.1%, to $450.30 a tonne.
COFFEE
* September arabica espresso KCc2 settled down 3.35 cents, or 2.1%, at $1.5305 per lb, having hit its highest since early June on Thursday. The contract misplaced 3.25% within the week.
* Brokers and analysts suppose most of Brazil’s espresso areas have been spared from frost harm.
* Brazil exported 174,239 tonnes of inexperienced espresso in June vs 141,557 tonnes a yr in the past, knowledge confirmed.
* Espresso exports from Honduras, central America’s prime arabica exporter, soared 28.4% in June versus a yr in the past, knowledge confirmed.
* September robusta espresso LRCc2 settled up $6, or 0.4%, at $1,707 a tonne, having hit a 2-1/2-year excessive of $1,737 earlier.
* Sellers mentioned the comparatively huge low cost between robusta and arabica is making the previous engaging. Robusta shares held in ICE alternate warehouses have additionally begun falling.
COCOA
* September New York cocoa CCc2 settled down $35, or 1.5%, at $2,319 a tonne, through the session hitting the bottom degree since Could 2020.
* September London cocoa LCCc2 fell 9 kilos, or 0.6%, to 1,608 kilos per tonne.
* “Cocoa has been within the doldrums because the pickup in demand will take longer to take form given its reliance on the journey sector. We see costs averaging flat in 2022 in contrast with 2021,” mentioned Fitch Options in a word.
(Reporting by Marcelo Teixeira Modifying by Kirsten Donovan, David Gregorio and Jonathan Oatis)
(([email protected]; +1 332 220 8062; Reuters Messaging: [email protected] – https://twitter.com/tx_marcelo))
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