SOFTS-Raw sugar futures slip while cocoa prices climb
LONDON, July 10 (Reuters) – Raw sugar futures on ICE were lower on Monday, weighed down partly by the strong pace of production in the key Centre-South region of Brazil, while cocoa futures climbed, buoyed by tight supplies.
* Brazil’s cane industry group Unica is expected to release sugar and ethanol production data covering the second half of June later this week.
* Queensland Sugar Limited said the first shipment of raw sugar to Britain under the free trade agreement between the two countries was loaded in the port of Townsville on Monday.
* August white sugar LSUQ3, which expires on Friday, fell 1.1% to $658.50 per metric ton.
* The open interest on the August contract has been falling steadily in the run-up to expiry and stood at 11,580 lots, as of July 7, equating to 579,000 metric tons of sugar.
COCOA
* September London cocoa LCCc2 rose 1.1% to 2,615 pounds per metric ton with the market climbing back up towards last week’s 46-year high of 2,678 pounds.
* Dealers said supplies remained tight, partly driven by a drop in production in Ivory Coast.
* Cocoa arrivals at ports in top grower Ivory Coast had reached 2.238 million tonnes by July 9 since the start of the season on Oct. 1, down 4.3% from the same period last season, exporters estimated on Monday.
* They noted, however, concern that high prices could reduce demand for cocoa.
* Europe’s second-quarter cocoa grind is due to be issued on Thursday.
* September New York cocoa CCc2 rose 1.2% to $3,351 a metric ton.
COFFEE
* September arabica coffee KCc2 was down 0.5% at $1.6010 per lb.
* Dealers noted funds have been extending a short position in arabica coffee as the harvest in top producer Brazil continues to make good progress.
* September robusta coffee LRCc2 fell 1.1% to $2,593 a tonne.
Source Link: https://www.nasdaq.com/articles/softs-raw-sugar-futures-slip-while-cocoa-prices-climb
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