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NEW YORK/LONDON, Aug 3 (Reuters) – Arabica coffee futures on ICE rose more than 2% on Wednesday, supported partly by concerns over weaker-than-expected exports from Central America, while raw sugar prices extended their rebound from a recent one-year low.
COFFEE
* September arabica coffee KCc1 settled up 4.75 cents, or 2.3%, at $2.1465 per lb.
* The market continued to be buoyed by concern about tight supplies, with ICE certified stocks at the lowest level in more than 20 years while recent strength of Brazil’s currency BRL= also provides support.
* “A strong Brazilian real will likely slow down Brazil exports. Also exports from Honduras and other mild producers have been disappointing in the last few months, said Rabobank, adding that the situation may cause spot prices to rise further.
* Dealers said the market was also keeping a close watch on whether any economic downturn would curb demand for coffee.
* JDE Peet’s JDEP.AS on Wednesday reported organic sales growth of 15.7% for the first half while noting it expects the business environment to remain volatile for the remainder of the year as input cost inflation, geopolitical unrest and pandemic effects persist.
* September robusta coffee LRCc2 lost $1 to $2,026 a tonne.
SUGAR
* October raw sugar SBc1 rose 0.08 cent, or 0.5%, at 17.77 cents per lb. The front month fell to a one-year low of 17.20 cents on Monday.
* Dealers said fund selling, against the backdrop of concern about a global economic downturn, had contributed to recent price declines but the pace has slowed in the past couple of sessions.
* Persistent dry weather in Brazil has been supportive, they said, with some regions without rains for 75 days.
* India’s government raised sugar cane floor price by 5.2% on Wednesday.
* Sugar refiner ASR Group clinched a 10-year deal to buy non-genetically modified sugar from Brazil’s Raizen.
* October white sugar LSUc1 rose $5.60, or 1.1%, at $527.70 a tonne.
COCOA
* September New York cocoa CCc1 fell $59, or 2.5%, to $2,281 a tonne, having hit a two-week low of $2,269/tonne.
* December London cocoa LCCc1 fell 29 pounds, or 1.6%, to 1,752 pounds per tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt; Editing by Bernadette Baum and David Goodman)
((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.
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