Updates with closing costs, feedback
NEW YORK/LONDON, July 13 (Reuters) – London cocoa futures on ICE hit their highest in 1-1/2 months on Tuesday after information confirmed demand has improved, whereas uncooked sugar hit a two-week trough.
COCOA
* September London cocoa LCCc2hit its highest since late Could in the course of the session at 1,663 kilos per tonne, though it slipped close to the shut to finish down 0.3% at 1,645 kilos per tonne.
* Europe’s second-quarter cocoa grind, a measure of demand, rose 13.6% from a 12 months earlier to 356,854 tonnes, the European Cocoa Affiliation stated.
* Germany’s second-quarter 2021 cocoa grind rose 18% on the 12 months to 93,064 tonnes, the German confectionery trade affiliation BDSI stated.
* The ending of lockdowns and reopening of retail and eating places, plus the resumption of some occasions, has helped confectionery demand.
* Provides stay ample nonetheless, following massive crops in high growers Ivory Coast and Ghana this season.
* September New York cocoa CCc2settled down $31, or 1.3%, at $2,399 a tonne.
SUGAR
* October uncooked sugar SBV1closed up 0.09 cent, or 0.5%, at 17.08 cents per lb, its first achieve within the final six classes. The contract, nonetheless, hit a two-week low earlier within the day.
* Sellers stated the market remained beneath stress as short-term demand is low and funds are liquidating lengthy positions.
* India’s monsoon has splashed again into life after a lull, masking your complete nation.
* High producer Brazil’s centre-south sugar manufacturing reached a stronger-than-expected 2.89 million tonnes within the second half of June, information confirmed.
* August white sugar LSUc1rose $2.20, or 0.5%, to $423.90 a tonne.
COFFEE
* September arabica espresso KCc2settled down 1.75 cents, or 1.1%, at $1.5225 per lb.
* Political turmoil in high producer Brazil is pressuring the true forex and weighing on arabica – tempting sellers to promote dollar-priced espresso by elevating returns in native forex phrases.
* The market has assist beneath $1.50, nonetheless, sellers stated, as roasters are tempted to purchase at these ranges. They added that with roasters’ shopping for not full, risk-reward favours the upside for arabica.
* September robusta espresso LRCc2 slid $27, or 1.5%, to $1,717 a tonne.
(Reporting by Marcelo Teixeira and Maytaal Angel Enhancing by David Evans and Barbara Lewis)
(([email protected]; +1 332 220 8062; Reuters Messaging: [email protected] – https://twitter.com/tx_marcelo))
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