Adds remark, updates costs
LONDON, Aug 12 (Reuters) – Uncooked sugar futures on ICE edged greater on Thursday because the market consolidated just under a four-year excessive set earlier this week, underpinned by a possible tightening in provides as manufacturing prospects in Brazil are downgraded.
SUGAR
* October uncooked sugar SBc1 rose by 0.04 cents, or 0.2%, to 19.51 cents per lb by 1408 GMT.
* The entrance month climbed to a peak of 19.75 cents on Tuesday – the very best since March 2017.
* Sellers mentioned a mixture of drought and frost had dented sugar manufacturing prospects in Brazil, doubtlessly resulting in a world deficit within the 2021/22 season.
* They famous a reluctance to carry quick positions amid issues the state of affairs in Brazil may deteriorate additional.
* October white sugar LSUc1 rose by $2.30, or 0.5%, to $473.50 a tonne, boosted by shopping for curiosity from Pakistan.
* Pakistan’s state company the Buying and selling Company of Pakistan (TCP) has issued a brand new worldwide tender to buy 200,000 tonnes of white sugar, European merchants mentioned on Thursday.
COFFEE
* December arabica espresso KCc2 rose by 1.05 cents, or 0.6%, to $1.8805 per lb.
* The market remained underpinned by a diminished outlook for subsequent season’s crop in Brazil after latest frost harm, with this 12 months’s harvest now virtually full.
* Espresso growers in Brazil are heading into the ultimate days of this season’s harvesting, having collected 89% of the 2021/22 crop by Aug. 10, consultancy Safras & Mercado mentioned in a report on Wednesday.
* November robusta espresso LRCc2 fell by $9, or 0.5%, to $1,855 a tonne.
* Vietnam’s home espresso costs edged up this week as a consequence of tight provides on the finish of the season, whereas demand remained muted in Indonesia, merchants mentioned on Thursday.
COCOA
* December New York cocoa CCc2 rose by $17, or 0.7%, to $2,597 a tonne.
* December London cocoa LCCc2 rose by 13 kilos, or 0.7%, to 1,783 kilos a tonne.
(Reporting by Nigel Hunt Enhancing by Mark Potter, Kirsten Donovan)
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