Adds remark, closing costs
Adds remark, closing costs
LONDON, July 5 (Reuters) – White sugar futures on ICE edged up on Monday because the market tried to evaluate the extent of harm to Brazilian cane from final week’s frosts.
Uncooked sugar, arabica espresso and New York cocoa futures markets have been closed on Monday as a consequence of a public vacation in the USA.
SUGAR
* August white sugar LSUc1 ended $1.10, or 0.2%, larger at $451.40 a tonne, edging again up in direction of a three-week excessive of $461.40 set on July 1.
* “The frost may end up to have prompted extreme harm (to Brazilian cane) however in all probability has not,” dealer Marex mentioned in a weekly replace on Monday.
* Pakistan’s state buying and selling company TCP has bought 100,000 tonnes of white sugar in a young for a similar quantity which closed final week, European merchants mentioned on Monday.
COFFEE
* September robusta espresso LRCc2 completed $20, or 1.2%, decrease at $1,687 a tonne, extending its retreat from a 2-1/2 12 months excessive of $1,737 set on Friday.
* Sellers mentioned the market was wanting technically overbought after its latest robust advance.
* Sucden Monetary mentioned in a word that it anticipated costs to melt within the close to time period with the failure to interrupt via resistance at $1,737 probably triggering a decline to $1,666.
* Sellers additionally famous many of the espresso areas in Brazil appeared to have been spared frost harm.
* Speculators elevated a web lengthy place in robusta espresso through the week of June 29 in opposition to the backdrop of issues in regards to the Brazilian frosts.
COCOA
* September London cocoa LCCc2 settled 19 kilos, or 1.2%, larger at 1,627 kilos a tonne.
* Above-average rains blended with sunshine final week in most of Ivory Coast’s cocoa-growing areas may support growth of the 2021/22 most important crop, however additional heavy rains may flood some plantations, farmers mentioned on Monday.
(Reporting by Nigel Hunt; modifying by Barbara Lewis and David Evans)
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