Recasts, provides closing costs, feedback
NEW YORK/LONDON, Aug 10 (Reuters) – Uncooked sugar futures on ICE closed 6% as much as the very best degree in additional than 4 years on Tuesday, with sugar manufacturing in the important thing center-south area of Brazil dented by latest frosts that additionally threatened to curb manufacturing subsequent season.
SUGAR
* October uncooked sugar SBc1settled up 1.12 cents, or 6.1%, at 19.59 cents per lb, after climbing to a peak of 19.75 cents – the very best since March 2017.
* Sugar manufacturing in Brazil’s middle-south area fell 11% within the second half of July to three million tonnes as latest frosts damage crops on the earth’s largest producer, business group Unica stated in a report on Tuesday.
* “It’s all Unica,” stated a U.S.-based dealer referring to the crop report’s affect available on the market. The market was already transferring up earlier than the discharge as market estimates for a big manufacturing fall have been circulating.
* “For this yr, the impression is pushed by the necessity to harvest frost-affected cane forward of different fields, thereby attaining sub-optimal yields, whereas for subsequent yr, the impression is because of contemporary cane shoots dying again,” the Worldwide Sugar Group stated in an replace issued on Tuesday.
* October white sugar LSUc1rose$18.00, or 4.0%, at $468.20 a tonne.
COCOA
* December New York cocoa CCc2settled up $56, or 2.3%, to $2,536 a tonne.
* Sellers stated the market had derived some help from issues about chilly climate in high grower Ivory Coast, which can sluggish the begin to the principle crop in October.
* December London cocoa LCCc2rose 33 kilos, or 1.9%, to 1,752 kilos per tonne.
COFFEE
* November robusta espresso LRCc2 settled up $66, or 3.7%, at $1,863 a tonne, the very best this month.
* Sellers stated robusta costs proceed to meet up with the latest rise in arabica, as a possible tightness within the provide of arabica on account of Brazil frosts will drive shoppers to extend robusta shopping for for mixing.
* September arabica espresso KCc1closed up 2.65 cents, or 1.5%, at $1.82 per lb.
* “Espresso costs are probably going to proceed to be unstable, as frost impression on the flowering and the response of the farmer on the broken timber remains to be to be seen,” Rabobank stated in a notice.
(Reporting by Marcelo Teixeira and Nigel Hunt Enhancing by Mark Potter; Enhancing by Leslie Adler)
(([email protected]; +1 332 220 8062; Reuters Messaging: [email protected] – https://twitter.com/tx_marcelo))
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