New all through, provides closing costs, feedback from dealer
NEW YORK/LONDON, Aug 27 (Reuters) – Robusta espresso futures on ICE climbed to a four-year excessive and arabica costs gained 2.2% on Friday, because the market’s focus remained on crop losses in Brazil and disruptions to delivery beans from main producing international locations.
COFFEE
* November robusta espresso LRCc2 closed up $24, or 1.2%, at $2,018 a tonne, after hitting a four-year peak of $2,045/tonne.
* December arabica espresso KCc2 closed up 4.2 cents, or 2.2%, at $1.922 per lb.
* “The market may be very robust, and I do not see a cause for it to stabilize anytime quickly,” mentioned a veteran U.S. espresso dealer.
* “Till we see a great quantity of rains in Brazil that might give us a transparent thought in regards to the arabica flowering and the dimensions of subsequent crop, costs will keep very robust,” he added.
* Fitch Options mentioned in a observe that the Brazilian state of affairs, with latest losses from frosts and the drought, “comes at a time when exports out of Vietnam are constrained by an ongoing Covid-19 wave and a container scarcity.”
* Difficulties in transporting robusta beans from Asian producers, corresponding to Vietnam, to Europe is making ICE robusta shares extra enticing.
SUGAR
* October uncooked sugar SBc1 closed up 0.36 cent, or 1.8%, at 20.04 cents per lb, after earlier touching a weekly excessive of 20.10.
* Sellers mentioned the market was underpinned by the prospect of a worldwide deficit within the upcoming 2021/22 season pushed partly by lower-than-anticipated manufacturing in Brazil.
* The Worldwide Sugar Group (ISO) on Friday forecast a worldwide sugar deficit of three.Eight million tonnes within the 2021/22 season.
* “The market continues to have concern on the Brazilian crop. The rain that was supposed to come back seems lighter now and contained largely to the southern a part of Sao Paulo (state). The market has a optimistic bias technically,” mentioned a U.S. dealer.
* October white sugar LSUc1rose by $10.20, or 2.1%, to $487.40 a tonne.
COCOA
* December New York cocoa CCc2settled down $41, or 1.6%, to $2,582 a tonne.
* December London cocoa LCCc2misplaced 16 kilos, or 0.9%, to 1,781 kilos per tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt; Enhancing by Kirsten Donovan, Jonathan Oatis and Paul Simao)
(([email protected]; +1 332 220 8062; Reuters Messaging: [email protected] – https://twitter.com/tx_marcelo))
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