Recasts, provides element, upda
Recasts, provides element, updates costs
LONDON, June 29 (Reuters) – Arabica espresso futures on ICE fell on Tuesday after touching a three-week excessive amid concern over forecasts for frosts this week in prime grower Brazil.
Uncooked sugar and cocoa fell.
COFFEE
* September arabica espresso KCc2 was down 1.4% at $1.6060 per lb by 1516 GMT, having hit its highest since early June at $1.6400.
* A robust polar air mass is transferring via South and Southeast areas of Brazil this week, with a drop in temperatures forecast for Wednesday and Thursday and danger of frost in some low-lying areas.
* Sellers stated some climate fashions are pointing to a possible for frost in Parana state, Brazil’s southernmost coffee-growing space.
* Though the state accounts for lower than 5% of complete arabica manufacturing, frost can have an exponential impact on costs as a result of it will possibly kill the espresso tree outright.
* Weighing on espresso, nevertheless, had been falls within the wider monetary markets, the place fears over a brand new COVID-19 variant prevailed. MKTS/GLOBO/R
* September robusta espresso LRCc2 fell 1.7% to $1,682 a tonne.
* Prime robusta producer Vietnam’s espresso exports within the first half of the yr fell 12.3% from a yr earlier to 825,000 tonnes, knowledge confirmed.
SUGAR
* July uncooked sugar SBc1 fell 1.2% to 17.02 cents per lb, reversing a few of the earlier session’s sharp beneficial properties.
* Sellers stated a scarcity of close by demand, as evidenced within the widening low cost for July sugar over October SB-1=R, continues to weigh available on the market.
* They added, nevertheless, that there’s agency assist round 17 cents, particularly as considerations over Brazil’s cane crop, additionally in danger from the chilly climate, are solely more likely to improve going ahead.
* Additionally, mills in Brazil are slowly starting to scale back the quantity of cane used to supply sugar, more and more favouring biofuel ethanol.
* August white sugar LSUc1 fell 0.4% to $431.80 a tonne.
COCOA
* September New York cocoa CCc2 rose 0.6% to $2,393 a tonne.
* September London cocoa LCCc2 rose 0.7% to 1,625 kilos a tonne.
* Ghana’s cocoa arrivals reached 960,892 tonnes between from Oct. 1 to June 10, up from 752,639 tonnes the earlier season.
* Cocoa arrivals at ports in prime grower Ivory Coast reached 2.079 million tonnes between Oct. 1 and June 27, up 6% from final season’s 1.962 million tonnes.
(Enhancing by Kirsten Donovan and David Goodman )
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