[ad_1]
Recasts, includes closing prices, comments
NEW YORK/LONDON, July 29 (Reuters) – Arabica coffee and raw sugar futures on ICE closed down on Friday with similar losses of around 7% for the month which was marked by strong liquidation from financial investors.
COFFEE
* September arabica coffee KCc1settled down 1.2 cent, or 0.5%, at $2.172 per lb. The contract lost 7.02% in July, although having gained more than 3.5% in the week.
* According to dealers, after liquidation by funds earlier in July, the market has found support, partly by sentiment that this year’s Brazilian crop appears to be slightly lower than some had expected, while next year’s harvest prospects could potentially be dented by recent dry weather.
* “Coffee growers in Brazil have reported that the crop volumes are lower than they had anticipated, even if the effects of last year’s frost are taken into account,” Commerzbank said in a market update.
* A Reuters poll issued had a median forecast for this year’s Brazil crop of 63 million bags, while production is expected to climb next year to 71 million. COF/POLL
* September robusta coffee LRCc1 rose $15, or 0.7%, to $2,030 a tonne. The contract gained 0.6% in July.
SUGAR
* October raw sugar SBc1 fell 0.18 cent, or 1.0%, at 17.54 cents per lb. The contract lost 6.9% in the month.
* Dealers said a drop in gasoline prices in Brazil could have a mildly bearish impact, potentially reducing demand for cane-derived biofuel ethanol and prompting mills to use more cane to make sugar.
* Brazilian state-run oil company Petrobras PETR4.SA cut gasoline prices at its refineries to 3.71 reais ($0.7110) per litre from 3.86 reais, a 4% cut that will take prices to their lowest since March.
* October white sugar LSUc1 fell $4.40, or 0.8%, at $527.20 a tonne. The contract lost 5.28% in July.
COCOA
* September New York cocoa CCc1 rose $6, or 0.3%, to $2,323 a tonne. The contract gained 1.4% in July.
* September London cocoa LCCc1ended stable on Friday at 1,704 pounds a tonne. The position moved only 0.5% up for the month.
(Reporting by Marcelo Teixeira and Nigel Hunt Editing by David Goodman, Mark Potter and Marguerita Choy)
((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
