August 13, 2018 / 11:40 AM / a month ago

SOFTS-Raw sugar falls on three-year low, coffee also weakens

LONDON, Aug 13 (Reuters) - Raw sugar futures fell to a three-year low on Monday, weighed down by excess supply and broad-based losses in commodity markets, driven by increased risk aversion among investors linked to the Turkish lira’s crash.

Arabica coffee futures also weakened with contract lows set on multiple positions.

SUGAR

* October raw sugar was down 0.19 cent, or 1.8 percent, at 10.35 cents per lb by 1120 GMT, after hitting a three-year low for the front month of 10.33 cents.

* Dealers said supplies remained ample despite a decline in production in Centre-South Brazil and the potential for drought to dent output in the European Union.

* “While drought in Europe ... and a much lower CS Brazil sugar output possibly reduce the supply burden in future, the absolute level of stocks remains a major problem for sugar,” analysts Green Pool said in a market update.

* October white sugar fell $2.00, or 0.6 percent, to $313.70 a tonne.

* Egypt has sufficient strategic sugar reserves to last six months, the supply ministry said on Monday without detailing the size of its reserves.

COFFEE

* December arabica coffee was down 1.40 cents, or 1.3 percent, at $1.0865 per lb after setting a contract low of $1.0825.

* Dealers said the strong pace of exports from Brazil was keeping the market on the defensive.

* The premium price on coffee in Colombia, the world’s biggest grower of washed arabica beans, this month has shot to its highest in more than five years after the benchmark futures contract fell below the country’s cost of production and supplies tightened.

* September robusta coffee was down $3, or 0.2 percent, at $1,671 a tonne.

COCOA

* December New York cocoa rose $14, or 0.7 percent, to $2,132 a tonne.

* Dealers said the market had been consolidating over the last few days after a slide in prices during the second half of July driven by fund long liquidation.

* Speculators switched to a net short stance in cocoa futures and options on ICE Futures U.S. in the week to Aug. 7, U.S. Commodity Futures Trading Commission data showed on Friday.

* Cocoa speculators last held a net short position in the week to Jan. 30.

* December London cocoa fell 1 pound, or 0.1 percent, to 1,608 pounds a tonne. (Reporting by Nigel Hunt; editing by David Evans)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below