Recasts, contains closing costs and feedback
NEW YORK/LONDON, Aug 6 (Reuters) – Uncooked sugar futures on ICE rose to a 5-1/2 month excessive on Friday, buoyed by a rising consensus that Brazil’s cane crop is prone to be considerably smaller than beforehand anticipated attributable to a mixture of drought and up to date frosts.
SUGAR
* October uncooked sugar SBc1 settled up 0.06 cent, or 0.3%, at 18.68 cents per lb, after setting a 5-1/2 month excessive of 18.92 cents.
* Sellers stated they had been keenly awaiting cane crush knowledge for Brazil’s Centre-South area, masking the second half of July, which might give indications of harm from the frosts. The info is anticipated early subsequent week.
* Speculators are seen growing their lengthy place in sugar within the brief time period, spurred by post-frost downgrades to Brazilian manufacturing, stated a report on Friday.
* Weak demand, nonetheless, continues to restrict good points, with October 2021 raws remaining at a considerable low cost to March 2022 SB-1=R.
* October white sugar LSUc1 fell by $2.20, or 0.5%, to $459.60 a tonne.
COFFEE
* September arabica espresso KCc1 settled down 0.9 cent, or 0.5%, at $1.76 per lb.
* Sellers stated the extent of harm to crops in Brazil from current frosts remained unsure and costs remained uneven.
* Probably the most devastating frost in many years in high espresso producer Brazil and document freight prices sparked by COVID-19, inflicting huge delivery logjams, are anticipated to push retail costs to multi-year highs within the coming weeks.
* September robusta espresso LRCc1 fell $21, or 1.2%, to $1,743 a tonne.
* Robusta espresso speculators minimize web lengthy place by 2,613 tons to 23,742 tons as of Aug. 3.
COCOA
* December New York cocoa CCc2 settled up $17, or 0.7%, to $2,474 a tonne.
* “Cocoa costs stay within the doldrums, because the pickup in demand will take longer to take form given its reliance on the journey sector, whereas the provision outlook is far more constructive than for different softs,” Fitch Options stated in a notice.
* December London cocoa LCCc2 rose by 20 kilos, or 1.2%, to 1,707 kilos per tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt; Enhancing by Emelia Sithole-Matarise and Mark Potter)
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