Recasts, provides feedback and shutting costs
NEW YORK/LONDON, Aug 12 (Reuters) – Uncooked sugar futures on ICE closed up on Thursday because the market consolidated slightly below a four-year excessive set earlier this week, underpinned by a possible tightening in provides as manufacturing prospects in Brazil are downgraded.
Espresso additionally rose whereas cocoa futures hit 5-month highs.
SUGAR
* October uncooked sugar SBc1rose 0.07 cent, or 0.4%, at 19.54 cents per lb. It hadvert climbed to a peak of 19.75 cents on Tuesday – the very best since March 2017.
* Sellers mentioned a mix of drought and frost had dented sugar manufacturing prospects in Brazil, probably resulting in a world deficit within the 2021/22 season.
* They famous a reluctance to carry brief positions amid considerations the scenario in Brazil may deteriorate additional.
* America sugar beet crop will face some harvest delays after preliminary issues with drier-than-normal climate, mentioned the USDA.
* October white sugar LSUc1 rose by $4.90, or 1.0%, at $476.10 a tonne.
* Pakistan has issued a brand new worldwide tender to buy 200,000 tonnes of white sugar, European merchants mentioned on Thursday.
COFFEE
* December arabica espresso KCc2 settled up 2.6 cents, or 1.4%, at $1.896 per lb, the very best since end-July.
* The market remained underpinned by a diminished outlook for subsequent season’s crop in Brazil after current frost harm, with this 12 months’s harvest now virtually full.
* Espresso growers in Brazil are heading into the ultimate days of this season’s harvesting, having collected 89% of the 2021/22 crop by Aug. 10, consultancy Safras & Mercado mentioned.
* November robusta espresso LRCc2 fell by $10, or 0.5%, at $1,854 a tonne.
* Vietnam’s home espresso costs edged up this week on account of tight provides on the finish of the season, whereas demand remained muted in Indonesia, merchants mentioned on Thursday.
COCOA
* December London cocoa LCCc2 settled down 1 pound to 1,769 kilos per tonne, having hit a 5-month excessive of 1,784 kilos earlier within the session.
* December New York cocoa CCc2 closed up $2, or 0.1%, to $2,582 a tonne, having additionally set a 5-month excessive.
* “New York and London closed increased yesterday and traits stay up in each markets. London was the stronger one,” mentioned a U.S. dealer, including that the persevering with reopening of economies ought to enhance demand.
(Reporting by Marcelo Teixeira and Nigel Hunt Modifying by Mark Potter, Kirsten Donovan and Aurora Ellis)
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