Recasts, provides closing costs and feedback
NEW YORK/LONDON, Aug 2 (Reuters) – Arabica espresso futures on ICE closed virtually 4% down on Monday, retreating farther from final week’s close to seven-year highs, because the injury from a brand new wave of frosts over the weekend in high producer Brazil was thought of restricted.
COFFEE
* September arabica espresso KCc1 settled down 6.75 cents, or 3.8%, at $1.728 per lb, having closed down 8.6% on Friday in a pointy reversal from a peak above $2 earlier that week.
* The frosts that hit Brazil final Friday and Saturday, the second such climate occasion to hit the nation’s espresso areas prior to now fortnight, seemed to be “much less intense and reached a smaller coffee-producing space than anticipated”, Archer Consulting mentioned in a word.
* Sellers mentioned there was widespread profit-taking out there however costs ought to quickly discover a flooring given Brazil’s subsequent arabica crop can be a minimum of 10% decrease than initially anticipated.
* The worst chilly snap to hit Brazil’s arabica areas in almost 30 years will harm manufacturing for a minimum of the following two crops.
* September robusta espresso LRCc1 closed down $33, or 1.8%, at $1,753 a tonne.
SUGAR
* October uncooked sugar SBc1 settled up 0.04 cent, or 0.2%, at 17.95 cents per lb, nonetheless a way off final week’s five-month excessive of 18.81 cents.
* Sellers mentioned sugar has sturdy help at present ranges, given considerations over the cane crop in high producer Brazil, which was hit by dry climate this season and was affected by the frosts.
* They anticipate many analysts to decrease their Brazil output forecasts but once more, although they cautioned that demand stays poor and India is eager to promote at present ranges.
* ICE sugar speculators raised their web lengthy place by 18,754 contracts to 169,913 within the week to July 27.
* October white sugar LSUc1 rose $1.60, or 0.4%, at $447.30 a tonne.
COCOA
* December New York cocoa CCc2 settled down $1 to $2,421 a tonne.
* December London cocoa LCCc2 closed down Four kilos, or 0.2%, to 1,671 kilos per tonne.
* ICE cocoa speculators trimmed their web quick place by 13,345 contracts to 16,169 within the week to July 27.
(Reporting by Marcelo Teixeira and Maytaal Angel; Enhancing by David Goodman, Emelia Sithole-Matarise and Sandra Maler)
(([email protected]; +1 332 220 8062; Reuters Messaging: [email protected] – https://twitter.com/tx_marcelo))
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