SOFTS-Raw sugar settles at lowest since early July, coffee rises
LONDON, Aug 21 (Reuters) – Raw sugar futures on ICE gave up early gains to settle at their lowest in more than a month on Monday, weighed by weak demand in China.
SUGAR
* October raw sugar SBc1 settled down 1.5% at 23.40 cents per lb, lowest since July 6.
* Dealers said lack of demand from China remains a bearish influence on the market. China imported 110,000 metric tons of sugar in July, down 60.5% from the same month last year.
* An ING report said that some big importers including China were drawing down domestic inventories because of high global prices.
* Speculators reduced their bullish bets in raw sugar futures on ICE U.S. in the week to Aug. 15, Commodity Futures Trading Commission data showed on Friday.
* However, dry weather in India is supporting the market, with August rainfall expected to be the lowest since records began in 1901.
* October white sugar LSUc1 settled down 0.8% at $681.80 a metric ton.
COCOA
• December London cocoa LCCc2 settled up a pound at 2,721 pounds per metric tonne, consolidating just below last week’s 46-year high of 2,765 pounds.
* Dealers said crop concerns in West Africa, particularly Ghana, remained the main supportive influence.
* Sterling-denominated London prices were also supported on Monday by a weaker pound.
* December New York cocoa CCc2 settled down a dollar at $3,448 a metric ton.
COFFEE
* December arabica coffee KCc2 settled up 0.5% at $1.508 per lb.
* Dealers noted the harvest in top producer Brazil was beginning to wind down.
* November robusta coffee LRCc2 settled up $3 at $2,366 a metric ton.
(Reporting by Nigel Hunt; Additional reporting by Shariq Khan; Editing by David Goodman, Mark Potter and Shailesh Kuber)
((Shariq.Khan@thomsonreuters.com; Twitter: @shariqrtrs;))
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