Adds quote, updates costs
LONDON, June 22 (Reuters) – Uncooked sugar futures on ICE had been decrease on Tuesday, heading again in the direction of the prior session’s two-month low after a short-lived rally, whereas arabica espresso costs additionally fell.
SUGAR
* July uncooked sugar SBc1 fell by 0.Four cents, or 2.4%, to 16.38 cents per lb by 1426 GMT. The entrance month slumped to a two-month low of 16.19 cents on Monday.
* Sellers mentioned the market was again on the defensive after rallying sharply on Monday, with funds at present scaling again lengthy positions within the sweetener.
* They famous July’s low cost to October was widening SB-1=R within the run-up to its expiry subsequent week, an indication there may be little urge for food to obtain sugar given demand stays weak.
* August white sugar LSUc1 fell by $8.30, or 1.95%, to $417.40 a tonne.
COFFEE
* September arabica espresso KCc2 fell by 2.2 cents, or 1.4%, to $1.5185 per lb, slipping again in the direction of a one-month low of $1.4905 set on Monday.
* Sellers mentioned an improved outlook for subsequent yr’s crop in Brazil following latest rains had weighed on costs, though a drop in manufacturing this yr, an off-year within the nation’s biennial crop cycle, helped to underpin costs.
* “We count on the latest rainfall over Brazil main arabica rising areas to weigh on espresso costs because the weaker outlook for the present crop yr has largely been priced in,” fund supervisor Knowledge Tree mentioned in a report.
* September robusta espresso LRCc2 fell by $20, or 1.2%, to $1,597 a tonne.
COCOA
* September New York cocoa CCc2 rose by $9, or 0.4%, to $2,387 a tonne.
* September London cocoa LCCc2 rose by 2 kilos, or 0.1%, to 1,622 kilos a tonne.
* The world’s prime two cocoa producers Ivory Coast and Ghana on Monday threatened to call and disgrace prime chocolate manufacturers they are saying are undermining a scheme geared toward paying cocoa farmers a residing earnings.
(Reporting by Nigel Hunt; Enhancing by Barbara Lewis and Jan Harvey)
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