New all through, provides weekly value strikes, feedback
NEW YORK/LONDON, Sept 3 (Reuters) – London cocoa futures on ICE hit their highest in six months on Friday whereas New York cocoa gained 3% within the week amid bets on a possible manufacturing drop within the upcoming 2021/22 season.
Uncooked sugar closed decrease, with the front-month dropping 2% within the week.
COCOA
* December London cocoa LCCc2 settled Four kilos, or 0.2%, greater at 1,801 kilos per tonne, having scaled its highest since early March at 1,812.
* December New York cocoa CCc2 rose by $43, or 1.6%, to $2,654 a tonne. The contract gained 3% within the week.
* Sellers stated hedge shopping for was underpinning cocoa amid an anticipated decline in manufacturing in prime producing area West Africa through the 2021/22 season that begins subsequent month.
* Reuters analyst Wang Tao stated New York December’s break above resistance at $2,633 may result in a acquire into $2,652-$2,683 vary.
* Fitch Options stated the demand pick-up in cocoa, nonetheless, was nonetheless sluggish relative to different commodities attributable to its reliance on a journey sector constrained by the pandemic.
SUGAR
* October uncooked sugar SBc1 fell 0.28 cent, or 1.4%, at 19.62 cents per lb. The contract misplaced 2% this week.
* October white sugar LSUc1 fell $3.80, or 0.8%, at $485.10 a tonne.
* Sugar is consolidating after hitting a 4-1/2-year excessive final month, sellers stated, noting weak demand as indicated by spot month raws and whites futures buying and selling at a large low cost to these additional out.
* They added, nonetheless, that the sweetener nonetheless had a bullish bias, with sturdy consensus the market will see a deficit within the upcoming 2021/22 season because of falling output in Brazil.
COFFEE
* December arabica espresso KCc2 fell 1.35 cent, or 0.7%, at $1.93 per lb. The contract gained solely 0.4% within the week.
* November robusta espresso LRCc2 settled up $3, or 0.1%, at $2,059 a tonne. The contract gained 2% within the week, having set a four-year excessive of $2,092 on Wednesday.
* “Uncertainties relating to provide from (prime arabica producer) Brazil are elevated … at a time when exports out of (prime robusta producer) Vietnam are constrained by an ongoing giant COVID-19 wave and a container scarcity,” stated Fitch Options.
(Reporting by Marcelo Teixeira and Maytaal Angel Modifying by Mark Potter, Marguerita Choy and Krishna Chandra Eluri)
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