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NEW YORK/LONDON, Aug 23 (Reuters) – Uncooked sugar futures on ICE closed flat on Monday amid talks of rising Indian promoting serving to to carry the market after a latest 4-1/2-year excessive.
Robusta espresso jumped almost 2% because the market sees increased shopping for curiosity for that selection.
SUGAR
* October uncooked sugar SBc1 was secure at 19.58 cents per lb.
* The entrance month had climbed to 20.37 cents final week, its highest since February 2017.
* Sellers stated that Indian mills have taken benefit of the latest run-up in costs to make export gross sales, significantly given indications from India’s authorities that export subsidies are prone to be withdrawn from October.
* “The market has run right into a wall of Indian promoting,” dealer Marex stated in a market replace, including that additional gross sales may dry up due to a scarcity of consumers.
* Archer Consultancy stated Brazilian mills have lowered hedging for the 2022/23 season on ICE amid worries concerning the dimension of subsequent yr’s crop.
* October white sugar LSUc1 settled down $4.40, or 0.9%, at $479.10 a tonne.
COFFEE
* November robusta espresso LRCc2closed up $30, or 1.6%, at $1,912 a tonne.
* The robusta market is seen benefiting from an anticipated decrease world provide of arabica, as roasters have a tendency to extend robusta mixing.
* “The long-term pattern favours the upside and we count on costs to stay on-trend,” dealer Sucden Monetary stated in a technical observe.
* December arabica espresso KCc2 rose 0.35 cent, or 0.2%, at $1.8185 per lb.
* Brazilian dealer Escritorio Carvalhaes stated the native market stays gradual, regardless of good shopping for curiosity.
* “The quantity of espresso that’s arriving available in the market is low for August, a month when new-crop espresso normally involves the market,” it stated, including that farmers are promoting slowly fearing lowered manufacturing forward.
COCOA
* December New York cocoa CCc2 closed down $13, or 0.5%, to $2,554 a tonne.
* Sellers stated provides remained ample after an increase in manufacturing in Ivory Coast this season.
* One other week of heavy rains in Ivory Coast’s cocoa-growing areas has raised farmers’ expectations for a powerful October-to-March essential crop, with some already anticipating a harvest as plentiful because the earlier season.
* December London cocoa LCCc2settled down 14 kilos, or 0.8%, to 1,776 kilos per tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt Enhancing by David Goodman, Jonathan Oatis and Mark Porter)
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