LONDON, Sept 1 (Reuters) – London cocoa futures on ICE hit a 3 week low on Wednesday amid extra provides, whereas robusta espresso was not far off Tuesday’s 4 yr excessive.
COCOA
* December London cocoa LCCc2 rose 0.3% to 1,763 kilos per tonne at 1050 GMT, having hit its lowest since Aug 11 at 1,755.
* The Worldwide Cocoa Group on Tuesday forecast a world cocoa surplus of 230,000 tonnes within the present 2020/21 season, up from a earlier projection of 165,000 tonnes.
* Citi stated final month it sees a cocoa surplus of 300,000 tonnes this season, however added the market is more likely to be a bit extra balanced in 2021/22 as demand rebounds and provide progress ebbs and even reverses.
* December New York cocoa CCc2 rose 0.4% to $2,549 a tonne at.
COFFEE
* November robusta espresso LRCc2 rose 1.2% to $2,050 a tonne, after hitting the very best since September 2017 on Tuesday at $2,070.
* There’s robust substitution demand for robusta in the intervening time because of the latest surge in costs for arabica espresso after frost harm to prime producer Brazil’s crop.
* Robusta provides are tightening in the meantime amid delivery congestion and coronavirus lockdowns in prime producer Vietnam.
* Indonesia’s Lampung province, a key robusta producing area, exported 6,250.69 tonnes of the bean in August, down 70.5% from the identical month final yr, knowledge confirmed.
* December arabica espresso KCc2 rose 0.8% to $1.9740 per lb after touching a one-month excessive of $2.0155 on Tuesday.
SUGAR
* October uncooked sugar SBc1 rose 0.5% to 19.94 cents per lb.
* Sellers stated sugar will seemingly consolidate after failing to interrupt above August’s 4-1/2 yr excessive, with weak demand offsetting the decline in output from prime producer Brazil after dry climate and frost harm.
* October white sugar LSUc1 rose 0.6% to $486.20 a tonne.
* Ukraine is more likely to improve its white sugar output from sugar beet by a couple of third to 1.Four million tonnes, the economic system ministry stated.
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