[ad_1]
Updates with market activity, adds comments and closing prices
NEW YORK/LONDON, Oct 17 (Reuters) – Arabica coffee futures on ICE closed down on Monday, having hit their lowest in more than a year during a choppy session which saw some bargain hunting that at times led the market to move into positive territory.
COFFEE
* December arabica coffee KCc1 settled down 1.15 cents, or 0.6%, at $1.9555 per lb, after touching a one-year low of $1.9405. The contract lost 9.8% last week.
* Forecaster Maxar said showers in Brazil should decline soon and crop growth will become limited under a slightly drier pattern.
* Shipments of green coffee out of Brazil continued at good pace in October averaging 10,570 tonnes per day versus 9,440 tonnes per day at the same month last year, according to government data.
* ICE arabica coffee speculators cut their net long position by 453 contracts to 23,874 in the week to Oct. 11, data showed.
* January robusta coffee LRCc2 fell $6, or 0.3%, to $2,045 a tonne.
SUGAR
* March raw sugar SBc1 settled down 0.07 cent, or 0.4%, at 18.77 cents per lb.
* Dealers said short-term fundamentals, however, remain bullish, owing to a rain-delayed harvest in top producer Brazil and delays in India’s sugar export policy announcement.
* The global macroeconomic backdrop, however, is bearish, they said, plus the sugar market is still expected to record a surplus in the next year.
* India is expected to produce about 36.5 million tonnes of sugar in the season that began on Oct. 1, compared with about 35.8 million tonnes the previous season.
* ICE raw sugar speculators switched to a net long position of 13,022 contracts in the week to Oct. 11.
* December white sugar LSUc1 fell $2.30, or 0.4%, at $557.00 a tonne.
COCOA
* March London cocoa LCCc2 fell 48 pounds, or 2.5%, to 1,881 pounds per tonne, having touched its highest in more than two years last week.
* Cocoa processing in Brazil, the world’s fifth-largest chocolate consumer, increased by 10.1% in September.
* ICE New York cocoa speculators trimmed their net short position by 5,962 contracts to 14,143 in the week to Oct. 11.
* December New York cocoa CCc1 fell $37, or 1.6%, to $2,340 a tonne.
(Reporting by Marcelo Teixeira and Maytaal Angel; Editing by Shailesh Kuber and Shounak Dasgupta)
((marcelo.teixeira@tr.com; +1 332 220 8062; Reuters Messaging: marcelo.teixeira.thomsonreuters.com@reuters.net – https://twitter.com/tx_marcelo))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
[ad_2]
Source link
