Updates costs, provides particu
Updates costs, provides particulars
LONDON, July 2 (Reuters) – Uncooked sugar futures on ICE rose on Friday, a day after hitting four-month highs, with traders ready for assessments of harm performed to the cane crop from current frosts.
SUGAR
* October uncooked sugar SBc1 rose 1.6% to 18.22 cents per lb by 1527 GMT, a day after hitting its highest since late February.
* Brazilian agricultural areas had been hit by frosts for a 3rd day on Thursday, together with in the important thing sugar producing state of Sao Paulo.
* “Temperatures (are) now forecast to return to regular in (Brazil). Any harm to cane although is completed and the assessments will filter via over the approaching days,” mentioned Commonwealth Financial institution of Australia.
* Sellers mentioned sugar is on stability set to maneuver increased, although with bodily demand very restricted for the time being, it would develop into vary sure on the current increased ranges.
* Brazil exported 2.75 million tonnes of sugar in June vs 2.71 mln a yr in the past, knowledge confirmed.
* August white sugar LSUc1 rose 0.4% to $452.40 a tonne.
COFFEE
* September arabica espresso KCc2 fell 1.6% to $1.5390 per lb, having hit its highest since early June on Thursday.
* Brokers and analysts suppose most of Brazil’s espresso areas can be spared from frost harm.
* Brazil exported 174,239 tonnes of inexperienced espresso in June vs 141,557 tonnes a yr in the past, knowledge confirmed.
* Espresso exports from Honduras, central America’s high arabica exporter, soared 28.4% in June versus a yr in the past, knowledge confirmed.
* September robusta espresso LRCc2 rose 1.4% to $1,725 a tonne, having hit a 2-1/2 yr excessive of $1,737earlier.
* Sellers mentioned the comparatively broad low cost between robusta and arabica is making the previous enticing. Robusta shares held in ICE trade warehouses have additionally begun falling.
COCOA
* September New York cocoa CCc2fell1.6% to $2,318 a tonne.
* September London cocoa LCCc2fell 0.7% to 1,605 kilos per tonne.
* “Cocoa has been within the doldrums because the pickup in demand will take longer to take form given its reliance on the journey sector. We see costs averaging flat in 2022 in contrast with 2021,” mentioned Fitch Options in a word.
(Enhancing by Kirsten Donovan and David Gregorio)
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