(Contains closing costs, provides feedback)
NEW YORK/LONDON, Aug 13 (Reuters) – Uncooked sugar futures on ICE
rose 2% on Friday, hitting their highest in 4-1/2 years on
Friday, above the 20 cent per lb stage following downgrades to
the manufacturing outlook in prime producer Brazil.
New York cocoa hit its highest in 5 months.
SUGAR
* October uncooked sugar settled up 0.41 cent, or 2.1%, at
19.95 cents per lb, having hit 20.10 cents per lb earlier within the
session, its highest since February 2017.
* Brazil’s 2021/22 center-south (CS) sugar manufacturing is
forecast to fall to 32.5 million tonnes from a June forecast of
34.1 million tonnes as drought and frosts harm the sugarcane
crop, meals dealer Czarnikow mentioned.
* Sellers mentioned sugar has an upside bias given the manufacturing
outlook in Brazil, however added there could also be a restrict to the beneficial properties
within the quick time period as bodily demand is muted and freight charges
hover across the highest in 10 years.
* October white sugar rose $15.00, or 3.2%,
at $491.10 a tonne.
COFFEE
* December arabica espresso settled down 3.85 cents, or
2.0%, at $1.8575 per lb. It hit a virtually seven-year excessive above
$2 per lb in late July.
* Arabica is underpinned by a diminished outlook for subsequent
season’s crop in prime producer Brazil after frost harm, with
this yr’s harvest virtually full.
* There are nonetheless conflicting estimates about how a lot
manufacturing potential was misplaced to frosts in Brazil, sellers mentioned,
bringing robust volatility to the market.
* November robusta espresso fell $18, or 1.0%, to
$1,836 a tonne.
COCOA
* December New York cocoa settled up $38, or
1.5%, at $2,620 a tonne, having hit a 5-1/2 month excessive of $2,622
earlier.
* Sellers mentioned the continued reopening of economies
worldwide ought to enhance demand going ahead, regardless of the excessive
provides in producing nations.
* December London cocoa rose 19 kilos, or 1.1%,
to 1,788 kilos per tonne, having hit a five-month excessive of
1,789 kilos earlier.
(Reporting by Marcelo Teixeira and Maytaal Angel
Enhancing by Barbara Lewis and David Evans)
(([email protected](00442075429105)(Reuters
Messaging: [email protected])
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Key phrases: GLOBAL SOFTS/ (UPDATE 2)
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