LONDON, Aug 19 (Reuters) – Uncooked sugar futures on ICE fell on Thursday, weighed down partly by weak spot in crude oil costs, whereas espresso and cocoa costs additionally dropped.
SUGAR
* October uncooked sugar SBc1 fell by 0.28 cents, or 1.4%, to 19.89 cents per lb at 1029 GMT.
* Oil dropped to $66 a barrel, its lowest since Might, pressured by issues about weaker demand as COVID-19 instances rise, a stronger U.S. greenback and a shock improve in U.S. gasoline inventories. 0/R
* Weak power costs can result in extra use of cane to supply sugar quite than biofuel ethanol.
* October white sugar LSUc1 fell by $3.90, or 0.8%, to $500.60 a tonne.
COFFEE
* December arabica espresso KCc2 fell by 3.5 cents, or 1.9%, to $1.7935 per lb.
* Sellers famous there continued to be differing assessments of the harm brought on by current frosts in Brazil however crop losses will not be as extreme as initially feared.
* November robusta espresso LRCc2 fell by $22, or 1.2%, to $1,855 a tonne.
* Espresso buying and selling in Asia’s high exporters continued to be sluggish this week as Vietnam’s espresso market was hit by an absence of beans on the finish of the crop season, whereas the coronavirus disaster in Indonesia hindered actions, merchants mentioned.
COCOA
* December New York cocoa CCc2 fell by $36, or 1.35%, to $2,637 a tonne, retreating from an eight-month peak of $2,681 set on Wednesday.
* The market stays underpinned by a pick-up in demand as curbs associated to the COVID-19 pandemic are lifted in some nations and a few issues in regards to the outlook for 2021/22 major crops in West Africa which will get underway in October.
* “There isn’t a scarcity of cocoa in the mean time … Nonetheless, there are issues that the upcoming major crop that begins in each nations in October could not attain the excessive degree achieved final yr,” Commerzbank mentioned in a word.
* December London cocoa LCCc2 was 10 kilos, or 0.55%, decrease at 1,795 kilos a tonne.
(Reporting by Nigel Hunt; enhancing by David Evans)
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