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Updates with closing prices and comments
NEW YORK/LONDON, Aug 1 (Reuters) – Raw sugar futures on ICE steadied on Monday as the market recovered mid-session after hitting a fresh one-year low in choppy trading.
Arabica coffee fell, while cocoa closed up.
SUGAR
* October raw sugar SBc1 settled 0.06 cent, or 0.3%, higher at 17.60 cents after hitting a fresh one-year low of 17.20 cents/lb. The contract lost 6.9% in July.
* Speculators switched from net long to a net short position in raw sugar in the week to July 26, selling 68,538 contracts to build a net short position of 43,551 lots.
* Dealers said speculators seemed happy to hold their short position for now, though they will likely buy back or cover their position if macroeconomic signals improve.
* World stocks hit seven-week highs on Monday, buoyed by strong corporate earnings and declining expectations for hefty interest rate rises, though oil dropped as weak factory data from China and Japan weighed on the demand outlook. MKTS/GLOBO/R
* October white sugar LSUc1 fell $3.30, or 0.6%, to $523.90 a tonne. The contract lost 5.28% in July.
COFFEE
* September arabica coffee KCc1 settled 4 cents, or 1.8%, lower at $2.132 per lb. The contract lost 7% in July.
* Speculators increased their net long position in arabica coffee by 1,169 contracts to 14,693 lots in the week to July 26.
* Arabica has been supported by falls in ICE certified stocks – which are at their lowest in over 20 years KC-TOT-TOT – and worries this year’s crop in top producer Brazil is slightly lower than initially expected. COF/POLL
* Brazil’s currency, however, continued to improve on Monday, which tends to reduce farmer selling BRL=.
* September robusta coffee LRCc1 rose $1 to $2,031 a tonne.
COCOA
* September New York cocoa CCc1 settled $16, or 0.7%, higher at $2,339 a tonne.
* Soft commodities broker Marex has agreed to buy rival ED&F Man Capital Markets, the company said.
* September London cocoa LCCc1 rose 7 pounds, or 0.4%, to 1,711 pounds per tonne.
(Reporting by Marcelo Teixeira and Maytaal Angel Editing by Bernadette Baum and Krishna Chandra Eluri)
((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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