Includes closing costs, provide
Includes closing costs, provides feedback
NEW YORK/LONDON, Might 14 (Reuters) – Uncooked sugar futures on ICE closed decrease on Friday, extending the market’s retreat from a 2-1/2-month peak set earlier this week, whereas espresso and cocoa costs additionally fell.
SUGAR
* July uncooked sugar SBc1settled down 0.15 cent, or 0.9%, at 16.96 cents per lb. The market set a 2-1/2-month peak of 18.25 cents on Wednesday.
* The market fell greater than 4% on Thursday, pressured by profit-taking by speculators and risk-off sentiment in wider monetary markets.
* The state of affairs with coronavirus in India can be seen as a bearish issue, with lockdowns hurting consumption.
* “There’s loads of white sugar obtainable in India for the market and London has been the weaker market to this point,” stated Jack Scoville at Value Futures Group in Chicago.
* Sellers stated, nevertheless, that costs remained underpinned by issues that dry climate will curb manufacturing in prime exporter Brazil.
* Brazil gas retailers search a reduce on ethanol mixing in gasoline, citing a provide tightness.
* August white sugar LSUc1settled down $1.90, or 0.4%, at $453.60 a tonne.
COFFEE
* July arabica espresso KCc2settled down 1.Four cent, or 1%, at $1.45 per lb.
* Sellers stated the current run-up in costs had quickly misplaced momentum, with the market on observe for a weekly loss after a run of 4 consecutive weekly positive factors.
* The prospect of tightening provides within the coming months, nevertheless, continues to supply background help.
* July robusta espresso LRCc2settled down $31, or 2.1%, at $1,417 a tonne.
COCOA
* July London cocoa LCCc1settled down 17 kilos, or 1%, to 1,689 kilos per tonne, weighed down partly by a stronger pound versus the greenback. GBP/
* Sellers stated the market was additionally scuffling with extra provides because the COVID-19 pandemic was curbing consumption.
* Ivory Coast cocoa grinding may drop by half to 25,000 tonnes in Might, and even additional in June, on account of energy shortages on this planet’s prime grower.
* A complete of 72,230 tonnes of cocoa was tendered towards the ICE Might London cocoa contract, change information confirmed on Friday.
* July New York cocoa CCc1settled down $28, or 1.1%, at $2,474 a tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt Modifying by Marguerita Choy and David Evans)
(([email protected]; +1 332 220 8062; Reuters Messaging: [email protected] – https://twitter.com/tx_marcelo))
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