(Consists of closing costs, fe
(Consists of closing costs, feedback)
NEW YORK/LONDON, June 1 (Reuters) – Arabica espresso futures
on ICE closed barely down on Tuesday after earlier hitting a
contemporary 4-1/2-year excessive with persevering with help from a drought in
high producer Brazil.
Sugar and cocoa closed up.
COFFEE
* July arabica espresso settled down 1.three cents, or
0.8%, at $1.6105 per lb, after setting a 4-1/2-year excessive of
$1.6675 earlier within the session.
* Sellers mentioned the market was supported by the worst dry
spell in 91 years in high producer Brazil, which is diminishing
the outlook for subsequent 12 months’s crop.
* However the robust features lately left the arabica market ripe
for a correction sooner or later, they added.
* “Climate forecasters count on the a lot too dry climate to
proceed from June till August, which isn’t a very good signal for
the 2022/23 crop, flowering of which begins from September,”
Commerzbank mentioned in a observe.
* There have been indicators on Tuesday that Colombian protesters
might clear roads earlier than new talks with the federal government, so
espresso exports might resume.
* Costa Rican espresso exports rose 11% in Might from the identical
month final 12 months.
* July robusta espresso settled up $8, or 0.5%, at
$1,591 a tonne, after setting a 2-1/2-year excessive of $1,619.
SUGAR
* July uncooked sugar settled up 0.33 cent, or 1.9%, at
17.69 cents per lb, after setting a two-week excessive of 17.89
cents.
* Sellers famous current drought warnings by authorities
companies in Brazil had helped to strengthen sugar costs.
* “The information did focus our minds on the potential for a
catastrophe in CS (Centre-South) Brazil,” Marex analyst Robin Shaw
mentioned in a observe, including there was additionally good demand for raws in
the bodily market together with from China.
* There have been gentle rains in some components of Brazil over the
weekend, however extra is required to enhance crops.
* August white sugar settled up $5.30, or 1.2%,
at $464.90 a tonne.
COCOA
* September New York cocoa settled up $11, or
0.4%, at $2,467 a tonne.
* The Worldwide Cocoa Group on Monday forecast
there could be a world cocoa surplus of 165,000 tonnes within the
2020/21 season (October/September), up from a earlier
projection of 102,000 tonnes.
* September London cocoa settled up Eight kilos, or
0.5%, at 1,640 kilos per tonne, with the power of sterling
serving to to cap features. [GBP/]
(Reporting by Marcelo Teixeira and Nigel Hunt;
Modifying by David Goodman, Christina Fincher and Jonathan Oatis)
(([email protected]; +1 332 220 8062; Reuters Messaging:
[email protected] – https://twitter.com/tx_marcelo))
Key phrases: GLOBAL SOFTS/
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