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Updates with market activity, comments and closing prices
NEW YORK/LONDON, Sept 7 (Reuters) – Arabica coffee futures on ICE closed 3% down on Wednesday, weighed by a strengthening dollar and recent showers in some parts of Brazil, while raw sugar prices rose.
COFFEE
* December arabica coffee KCc2 settled down 7 cents, or 3.0%, at $2.2325 per lb.
* A strong dollar has effectively raised prices in local currency terms in Brazil and can lead to a pick-up in sales from the world’s top exporter.
* Dealers also noted that there had been some showers in southern coffee areas in Brazil and more rain was forecast, although there remained concern about dry conditions in northern areas.
* Some traders expect increased volatility in arabica coffee futures due to Brazil weather.
* November robusta coffee LRCc2 fell $24, or 1.1%, to $2,238 a tonne.
SUGAR
* October raw sugar SBc1settled up 0.07 cent, or 0.4%, at 18.05 cents per lb.
* Dealers said weather has been in the focus with continuing rains in Asia set to boost Indian crop, but risking hurting production in Pakistan.
* The European Union is expected to have a shortfall of 785,000 tonnes of sugar (white value) in the new season that starts in October as plants – many of which were converted back to oil from gas – started beet processing earlier than normal.
* October white sugar LSUc1, which expires on Sept. 15, fell $2.00, or 0.3%, to $571.20 a tonne.
* Ukrainian farmers sowed 180,000 hectares for 2022 sugar beet harvest despite the Russian invasion, which will allow it to produce 1.1 million tonnes of white sugar, covering all domestic needs.
COCOA
* December New York cocoa CCc2settled down $19, or 0.8%, at $2,350 a tonne, weighed by the strong dollar.
* Broker Sucden Financial said in a report that the market’s weak performance on Tuesday had created a more bearish outlook on price charts.
* “Indicators point to a growing downside momentum in the near term,” Sucden said.
* December London cocoa LCCc2fell 2 pounds, or 0.1%, to 1,863 pounds per tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt; Editing by Chizu Nomiyama, Mark Porter and Shinjini Ganguli)
((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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