Adds remark, updates costs
LONDON, June 18 (Reuters) – Uncooked sugar futures on ICE fell to the bottom stage in practically two months on Friday, with a robust greenback and enhancing crop circumstances in a number of nations placing the market on the defensive, whereas arabica espresso costs additionally weakened.
SUGAR
* July uncooked sugar SBc1 was down 0.06 cent, or 0.4%, to 16.49 cents per lb by 1430 GMT after dipping to a low of 16.48 cents – the weakest value since April 20.
* The July contract SBN1 was on monitor for a weekly lack of about 6%, weighed primarily by losses throughout a variety of commodity markets together with grains and metals pushed partly by a stronger greenback.
* “Any calibration to sugar’s micro‑fundamentals must wait till this macro‑quake and any aftershocks finish,” Commonwealth Financial institution of Australia analyst Tobin Gorey stated.
* Bettering crop outlooks in India and Thailand following beneficial rains and the robust tempo of manufacturing in Brazil through the second half of Could has, nevertheless, additionally contributed to the latest weak spot in costs.
* August white sugar LSUc1fell by $0.4, or 0.1%, to $424.60 a tonne.
* Egypt has strategic sugar reserves to cowl consumption for 5-1/2 months, its cupboard stated on Friday.
COFFEE
* September arabica espresso KCc2fell by 1.4 cents, or 0.9%, to $1.5020 per lb.
* The September contract KCU1 was on monitor for a weekly lack of about 5.9% as espresso costs fell along with many different commodities.
* The return of rains in prime producer Brazil has additionally improved the outlook for subsequent yr’s harvest, whereas espresso can be now flowing out of Colombia after a latest disruption linked to anti-government protests.
* September robusta espresso LRCc2fell by $1, or 0.1%, to $1,597 a tonne.
COCOA
* September New York cocoa CCc2fell by $6, or 0.25%, to $2,375 a tonne.
* September London cocoa LCCc2 rose by 2 kilos, or 0.1%, to 1,630 kilos a tonne, underpinned by the weak spot of sterling towards the greenback. GBP/
(Reporting by Nigel Hunt; Enhancing by Elaine Hardcastle and Paul Simao)
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