July 2, 2019 / 12:30 PM / 4 months ago

SOFTS-Arabica coffee near 7 month top amid frost risk in Brazil

LONDON, July 2 (Reuters) - Arabica coffee futures on ICE edged up on Tuesday after hitting a seven-month high in the previous session as concerns lingered over a forecast cold snap that could hurt crops in top producer Brazil.

COFFEE

* September arabica coffee edged up 0.25 cents, or 0.2%, to $1.1160 per lb at 1154 GMT, after touching $1.1410 on Monday, its highest since Nov. 29.

* Kona Haque, head of research at ED&F Man, said with the funds being so short for so long and the dollar weakening, frost risk in the southern part of Brazil was enough to spark a short covering rally, with some funds even going long.

* “We’re still oversupplied but that’s been priced into the market for quite a long time,” she added.

* Brazil exported 2.80 million 60-kg bags of coffee in June, up from 2.16 million bags a year ago, government data showed.

* In the wider markets, the dollar edged lower as optimism from a weekend trade truce between the United States and China faded.

* A weaker dollar and stronger real tends to discourage selling by Brazilian producers.

* September robusta coffee fell $11, or 0.75%, to $1,462 per tonne, after touching a more than three-week peak of $1,489 on Monday.

SUGAR

* October raw sugar was flat at 12.57 cents per lb.

* There are continued concerns that a weaker-than-normal monsoon in India, a top sugar producer, could curtail sugar production there just as Brazil, another top producer, reduces its output in favour of ethanol.

* Brazil exported 1.40 million tonnes of raw sugar in June, down for 1.71 million tonnes a year ago, government data showed.

* “The uncertainty of the Indian monsoon continues to underpin prices but producer selling above the market and a much reduced fund short position mean the up-side maybe also limited,” said a dealer.

* August white sugar slipped $0.50, or 0.2%, to $326.50 per tonne.

COCOA

* September New York cocoa fell $6, or 0.2%, to $2,495 per tonne.

* September London cocoa fell 6 pounds, or 0.2%, to 1,838 pounds per tonne.

* Cocoa arrivals at ports in top grower Ivory Coast reached 2.098 million tonnes between Oct. 1 and June 30, exporters estimated on Monday, up about 11% year on year. (Reporting by Maytaal Angel, editing by Louise Heavens)

Nuestros Estándares:Los principios Thomson Reuters
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