Includes particulars of CFTC report, context on market strikes
NEW YORK, July 9 (Reuters) – Speculators decreased their web lengthy positions in futures of arabica espresso and cotton on ICE U.S. within the week to July 6, whereas including to a bullish wager in uncooked sugar, information from the U.S. Commodity Futures Buying and selling Fee (CFTC) confirmed on Friday.
Cash managers and hedge funds decreased their bullish bets in arabica espresso by 8,150 contracts for a complete lengthy at present of 23,365 contracts, the CFTC mentioned. They minimize their lengthy place in cotton by 3,639 contracts to a web lengthy of 51,535 heaps.
The discount in espresso lengthy positions comes as most market analysts noticed no important harm to crops in Brazil after a polar air mass led to frost in lots of agricultural areas within the nation final week. SOF/L
The rise in speculators’ positions in uncooked sugar, with an addition of almost 20,000 contracts to a complete lengthy place of 167,855, occurred as preliminary data indicated potential harm to sugar cane areas from the Brazilian frost. Later reviews indicated that was unlikely, nevertheless.
Sugar futures fell considerably within the final three periods on ICE to the bottom in July to this point, a transfer that ought to seem within the CFTC report subsequent week.
For cocoa, there was a rise in speculators’ web quick positions by 8,139 contracts to 21,879 within the week to July 6, CFTC mentioned.
(Reporting by Marcelo Teixeira; Modifying by Leslie Adler and Sonya Hepinstall)
(([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 writer and don’t essentially mirror these of Nasdaq, Inc.