Updates costs
LONDON, June 17 (Reuters) – Uncooked sugar futures on ICE hit their lowest in three weeks on Thursday because the greenback rallied and equities slumped after the U.S. Federal Reserve signalled it would elevate rates of interest at a a lot sooner tempo than initially anticipated. MKTS/GLOBFRX/
SUGAR
* July uncooked sugar SBc1 fell 1.3% to 16.82 cents per lb by 1356 GMT, having hit its lowest since Could 24 at 16.59 cents.
* Sellers mentioned sugar has been caught up within the Fed-inspired sell-off however ought to discover assist at present ranges from finish customers. They famous, nonetheless, that funds have little urge for food to purchase in the intervening time.
* Suedzucker SZUG.DE, Europe’s largest sugar producer, on Wednesday reported decrease first-quarter earnings however remained optimistic that earnings would rise in its full monetary 12 months because the coronavirus pandemic recedes.
* August white sugar LSUc1 fell 1.4% to $430.90 a tonne, having hit its lowest in additional than a month at $422.
COFFEE
* September arabica espresso KCc2 fell 1.7% to $1.5275 per lb, having hit its lowest since Could 26 at $1.5205.
* Arabica has been easing off a 4-1/2-year excessive touched this month with the return of rains in high arabica producer Brazil and occasional once more flowing to ports in No. 2 producer Colombia.
* September robusta espresso LRCc2 fell 1.4% to $1,607 a tonne.
* Robusta espresso costs in high producer Vietnam rose this week, buoyed by tightening provides, following a current surge in ICE futures.
COCOA
* September London cocoa LCCc2 was flat at 1,624 kilos a tonne.
* September New York cocoa CCc2 fell 2.2% to $2,373 a tonne, having hit its lowest since Could 5 at $2,370.
* Cocoa has underperformed relative to espresso and sugar this 12 months, hampered by extra provides and because the COVID-19 pandemic continues to hamper demand for chocolate, primarily by denting impulse purchases by consumers.
(Reporting by Maytaal Angel; Modifying by David Goodman and Jonathan Oatis)
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