LONDON, July 28 (Reuters) – Arabica espresso futures on ICE fell sharply on Wednesday because the risk posed to crops in Brazil from a forecast chilly snap later this week appeared to recede barely, whereas sugar costs have been barely greater.
COFFEE
* September arabica espresso KCc1 fell by 5.2 cents, or 2.6%, to $1.9655 per lb by 1051 GMT.
* The entrance month had risen to a peak of $2.1520 on Monday, the best degree in almost seven years, as final week’s sturdy frosts in high producer Brazil dented the outlook for subsequent 12 months’s crop on the earth’s high producer.
*Sellers have been additionally preserving an in depth watch on the climate outlook for later this week whereas noting some current forecasts weren’t fairly as chilly as earlier ones.
* Climate forecaster Maxar stated in a observe issued on Tuesday that temperatures within the south of Brazil would change into cooler from Wednesday into the weekend, noting this may trigger a “low to reasonable frost risk”.
* September robusta espresso LRCc1 fell by $8, or 0.4%, to $1,919 a tonne.
SUGAR
* October uncooked sugar SBc1 rose by 0.06 cent, or 0.3%, to 18.41 cents per lb.
* Sellers have been additionally monitoring the climate outlook in Brazil with the chilly snap later this week prone to hit sugar cane producing areas.
* Brazil produced 2.94 million tonnes of sugar within the first half of July, 2.8% lower than a 12 months in the past, trade group Unica stated on Tuesday, including that there was no readability but concerning the impression from final week’s frosts.
* October white sugar LSUc1 rose by $1.70, or 0.4%, to $456.40 a tonne.
COCOA
* December London cocoa LCCc2 rose by 5 kilos, or 0.3%, to 1,691 kilos per tonne.
* December New York cocoa CCc2 fell by $5, or 0.2%, to $2,433 a tonne.
(Reporting by Nigel Hunt; modifying by David Evans)
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