New all through, provides closing costs and feedback
NEW YORK/LONDON, July 9 (Reuters) – Raw sugar futures closed down on ICE for the fourth consecutive session on Friday, falling to the bottom worth to date in July as weak technical indicators led to a late fund liquidation.
New York cocoa futures rebounded from the prior session’s eight-month low.
SUGAR
* October uncooked sugar SBV1 settled down 0.17 cent, or 1.0%, at 17.28 cents per lb, the bottom worth since June 30.
* Merchants stated the market failed to carry on to positive aspects seen earlier within the session and run into some fund lengthy liquidation when technical ranges have been damaged.
* “There may be merely not the extent of spec curiosity required to maintain the upper ranges and so as an alternative we started to slip as soon as extra,” stated a sugar analyst.
* The latest weak spot of the Brazilian forex has additionally been a strain issue because it attracts promoting from the world’s high producer, sellers stated. BRL=
* The USA reallocated to different international locations lower-tariff sugar import quotas.
* August white sugar LSUc1 misplaced $7.10, or 1.6%, at $426.10 a tonne.
COCOA
* September New York cocoa CCc2 rose $52, or 2.3%, to $2,347 a tonne, regaining some floor after the earlier session’s eight-month low of $2,268.
* The market remained on the defensive, nevertheless, owing to extra provides with a big international surplus anticipated within the present 2020/21 season as manufacturing rises in high growers Ivory Coast and Ghana whereas international demand stays weak.
* Sellers stated that second-quarter cocoa grind information ought to present an extra indication on demand tendencies. The European grind is because of be launched on Tuesday and the North America information on Thursday.
* September London cocoa LCCc2 rose 26 kilos, or 1.6%, to 1,610 kilos per tonne with the power of sterling towards the greenback limiting positive aspects. GBP/
COFFEE
* September arabica espresso KCc2closed down 0.75 cent, or 0.5%, at $1.515 per lb.
* Sellers stated there was a rising consensus that espresso areas in Brazil had largely escaped unscathed after latest frosts on this planet’s high producer.
* September robusta espresso LRCc2settled up $37, or 2.2%, at $1,744 a tonne.
* Sellers famous the present sluggish tempo of exports from high robusta producer Vietnam, linked to excessive freight charges and pandemic-related motion curbs, had tightened the market.
(Reporting by Marcelo Teixeira and Nigel Hunt Enhancing by David Goodman and David Evans)
(([email protected]; +1 332 220 8062; Reuters Messaging: [email protected] – https://twitter.com/tx_marcelo))
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially replicate these of Nasdaq, Inc.