Recasts, contains closing costs and feedback
NEW YORK/LONDON, Could 5 (Reuters) – Espresso futures on ICE, for each arabica and robusta varieties, hit contemporary multi-year highs on Wednesday amid upbeat sentiment in wider monetary markets and a good provide outlook. Sugar and cocoa additionally rose. MTKS/GLOBO/RFRX/
COFFEE
* July arabica espresso KCc2 settled up 9.5 cents, or 6.8%, at $1.4985 per lb, the very best degree since February 2017.
* July robusta espresso LRCc2 settled up $64, or 4.3%, at $1,538 a tonne, the very best worth since March 2019.
* Sellers stated fund shopping for is dealing with little resistance from producer promoting, as growers in Brazil stay frightened concerning the measurement of this yr’s crop and maintain on to new gross sales.
* “Because the market rose, new purchase stops have been hit, taking it even greater,” a dealer stated.
* Latest reviews from espresso majors similar to Starbucks SBUX.O point out demand is bettering as COVID-19 vaccinations progress.
* Commerzbank stated that in distinction to arabica, the robusta harvest in Brazil is anticipated to be a good 20.7 million luggage.
* “We proceed to anticipate the robusta worth within the fourth quarter at $1,300 per tonne,” it stated.
SUGAR
* July uncooked sugar SBc1 settled up 0.41 cent, or 2.4%, at 17.53 cents per lb.
* “Whereas we don’t anticipate a sustained return to the costs seen in February, we’re elevating our (uncooked sugar) forecast for the fourth quarter to 16 cents per pound,” stated Commerzbank in a word.
* “(Provide) dangers have elevated. The upper oil worth might result in a higher shift in the usage of sugar cane to (make) ethanol. As well as, forecasts for sugar cane (output) in Brazil have been lowered in view of the extreme dryness.”
* The worldwide sugar provide stability is heading to surplus in 2021/22 regardless of the autumn in Brazil, Datagro stated.
* August white sugar LSUc1 settled up $11.00, or 2.4%, at $460.80 a tonne.
COCOA
* July New York cocoa CCc2 settled up $71, or 3.1%, to $2,395 a tonne.
* July London cocoa LCCc2 settled up 21 kilos, or 1.3%, to 1,599 kilos per tonne, having hit its lowest since final July on Tuesday at $1,575.
* Cocoa has been pressured by a broadly forecast world surplus for the present 2020/21 season.
(Reporting by Marcelo Teixeira and Maytaal Angel; Modifying by Kirsten Donovan and Will Dunham)
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