June 15, 2020 / 11:59 AM / a month ago

SOFTS-Sugar, coffee and cocoa slip on escalating demand fears

LONDON, June 15 (Reuters) - ICE sugar, coffee and cocoa prices fell on Monday, pressured by fears that demand could be undermined by a second wave of COVID-19 infections, with supplies of the soft commodities largely unscathed by the virus to date.

COFFEE

* September arabica coffee fell 0.4 cents, or 0.4%, to 96.65 cents per lb at 1123 GMT, having hit an eight-month low of 96.10 cents.

* “The USDA estimates (coffee) production will outstrip demand by 6.4 million bags (in 2020/21). This should cause international stocks to swell to their highest in six years,” said Commerzbank.

* “The very plentiful supply predicted and the Brazilian crop that is already harvested are weighing on coffee. In addition, there are new concerns about a second wave of (coronavirus) infection(s),” it added.

* Speculators increased their net short position in ICE arabica futures by 6,326 contracts to 17,489 contracts in the week to June 9.

* September robusta coffee fell $6, or 0.5%, to $1,206 a tonne.

SUGAR

* July raw sugar ​lost 0.10 cents, or 0.8%, to 11.77 cents per lb.

* Mills in the main sugar belt in Brazil have produced 65% more sugar so far this season compared with the same period a year earlier, industry data showed.

* ICE raw sugar speculators increased their net long position to 9,547 contracts by June 9.

* August white sugar ​​fell $4.70, or 1.2%, to $378.70 a tonne.

COCOA

* September London cocoa was down 43 pounds, or 2.5%, at 1,702 pounds a tonne​, having hit a 9-1/2 month low of 1,701 pounds​.

* Ivory Coast cocoa arrivals reached 1.910 million tonnes between Oct. 1 and June 14, exporters estimated, down 7.1% from the same period last season.

* September New York cocoa fell $68, or 2.9%, to $2,251 a tonne.

* Speculators reduced their net short position in ICE New York cocoa by 3,603 contracts to 9,799 contracts by June 9.

Editing by David Goodman

Nuestros Estándares:Los principios Thomson Reuters
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