Includes closing costs and feedback
NEW YORK/LONDON, Might 10 (Reuters) – Arabica espresso futures on ICE closed greater than 3% down on Monday because the market suffered a setback after its current robust advance to a greater than four-year excessive.
Uncooked sugar was flat, whereas cocoa rose.
COFFEE
* July arabica espresso KCc2settled down 4.85 cents, or 3.2%, at $1.4805 per lb, slipping again after climbing to a peak of $1.5540 final week, its highest since January 2017.
* Sellers stated a short-term setback was not surprising given the magnitude of current features however fundamentals remained supportive, with provides set to tighten in coming months as manufacturing in Brazil declines.
* Fitch Options stated in a report that it was forecasting a worldwide espresso deficit of 6.eight million 60-kg luggage within the 2021/22 season, the most important since 2009/10, whereas including a lacklustre demand outlook in some key markets would finally maintain a cap on costs.
* July robusta espresso LRCc2settled down $21, or 1.4%, at $1,518 a tonne.
SUGAR
* July uncooked sugar SBc1have been flat at 17.49 cents per lb.
* “The market’s focus continues to be firmly on dry climate in CS (Centre-South) Brazil, with just a few funds licking their lips in anticipation of seeing some producers compelled to purchase again quick hedges,” analyst Inexperienced Pool stated in a weekly word.
* Dealer Marex Spectron stated there are indicators out there of cooling demand for sugar, each for raws and white.
* However it added that sugar costs may solely ‘collapse’ if the funds get out of their huge lengthy place, which “the funds are unlikely to do whereas the grains state of affairs stays as bullish because it seems right this moment”.
* August white sugar LSUc1settled up $1.40, or 0.3%, at $466.10 a tonne.
COCOA
* July London cocoa LCCc2settled up 22 kilos, or 1.3%, to 1,667 kilos per tonne.
* Under common rainfall and scorching climate final week in most of Ivory Coast’s cocoa-growing areas may scale back the standard and dimension of the April-to-September mid-crop, farmers stated on Monday.
* July New York cocoa CCc2settled up $51, or 2.1%, to $2,514 a tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt; Modifying by Alison Williams, Pravin Char and David Gregorio)
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