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White sugar climbs on tighter spot supplies, arabica coffee steadies

White sugar climbs on tighter spot supplies, arabica coffee steadies

Tue July 10 2018


White sugar futures rose on Monday, boosted by tighter deliverable supplies despite a broader global glut, while cocoa slipped and arabica coffee steadied after sharply rebounding off 4-1/2 year lows last week.




* October white sugar was up $2.10, or 0.6 percent, at $333.40 a ton by 1332 GMT.


* The August contract remained at a sizeable premium above $9 over the October position ahead of expiry next week.


* Spot prices have been supported by expectations of tight supplies of sugar that could meet necessary criteria to be tendered against the contract, despite a global glut.


* “(The) difficulty of finding deliverable breakbulk origins on London gives a kind of positive bias to London futures,” Marex Spectron said in a report.


* October raw sugar rose 0.07 cent, or 0.6 percent, to 11.58 cents per lb, partly supported by light chart-inspired buying.


* Focus was on upcoming cane crush data from Brazil’s Centre-South region, due out this week, with expectations for reduced sugar supplies.


* “In the Centre-South, the 2018/19 campaign continues to strongly focus on ethanol production,” the International Sugar Organization said in a monthly report.


* The market was also awaiting a delayed Commitment of Traders report for fresh indications on whether funds have resumed short-selling.




* September London cocoa fell 14 pounds, or 0.8 percent, to 1,775 pounds a ton, partly pressured by a stronger British pound.


* Dealers also said sentiment was subdued amid a lack of fundamental news, with thin speculative trading dominating activity.


* “People are waiting for clarity – they’re waiting to see how the new crop starts,” one European dealer said. “In the meantime, you get technical signals which are fanning the fire.”


* The July contract’s premium over September <LCCN8-U8> retreated slightly from last week’s levels but remained around 87 pounds.


* September New York cocoa slipped $19, or 0.8 percent, to $2,446 a ton in tandem with London.


* Cocoa arrivals at ports in top grower Ivory Coast reached 1.787 million tons between Oct. 1 and July 8, exporters estimated on Monday.


* Ghana’s 2017/18 cocoa output could top 900,000 tons due to favourable weather and improved farming techniques, farmers said on Friday.




* September arabica coffee was unchanged at $1.1410 per lb.


* Prices were consolidating after sharply rebounding on Friday from 4-1/2 year lows.


* September robusta coffee rose $9, or 0.5 percent, to $1,671 a ton, also steadying after a sharp rebound in the prior session.


Source: Reuters

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