October 31, 2017 / 6:33 PM / in 24 days

SOFTS-Robusta coffee at six-month low, raw sugar near three-month high

 (Recasts; updates prices; adds monthly settlements, comment,
NEW YORK dateline)
    NEW YORK/LONDON, Oct 31 (Reuters) - Robusta coffee futures
on ICE fell to a six-month low on Tuesday and the nearby premium
declined on diminishing concern about nearby supply tightness,
while raw sugar consolidated near the prior session's
three-month high.
           
    COFFEE
    * January robusta coffee         settled down $32, or 1.68
percent, at $1,878 per tonne after falling to $1,873, the
weakest for the second-position contract since April 25.
    * The second position closed October lower, marking fourth
straight monthly decline.
    * The move pushed the November contract's premium to January
LRCX7-F8 to a session low of $14 from a peak this month of
$61.
    * A steady decline in the November contract's         open
interest ahead of Wednesday's first notice day has reduced
concern over potential tightness in tenderable supplies, dealers
said.
    * Dealers said they monitored weather in top robusta
producer Vietnam, where intermittent rainfall could delay the
harvest.             
    * December arabica coffee        settled down 0.8 cent, or
0.6 percent, at $1.251 per lb. The spot contract closed October
down 2.3 percent, the third straight month lower.
    * World coffee exports rose to a record in 2016-17,
International Coffee Organization data showed.             
    
    SUGAR 
    * March raw sugar        settled up 0.01 cent, or 0.07
percent, at 14.74 cents per lb, just below Monday's three-month
high. The spot contract closed the month up 8.9 percent.
    * Dealers said producer selling stalled the run-up in prices
that linked to a rise in ethanol values in Brazil, which reduced
the amount of cane being used to produce sugar.
    * "The market is consolidating gains but it remains to be
seen whether a further step upwards can be made," said Sucden
Financial senior trader Nick Penney, adding that trends in
energy or currency markets could fuel further gains.
    * "Technically the market trading range seems to have risen
50 points to the 14.50 to 15.00 parameters, with strong
technical resistance approaching either end," said James
Liddiard of consultancy Agrilion in a market note.
   * March white sugar         settled up $1.10, or 0.3 percent,
at $384.80 per tonne.
    * The global sugar market is poised for a 2017-18 surplus of
9.8 million tonnes, Australia-based analyst Green Pool said.
            

    COCOA
    * December London cocoa         settled down 18 pounds, or
1.2 percent, at 1,553 pounds per tonne
    * Dealers said that generally favorable weather in top
producer Ivory Coast pressured prices.             
    * March New York cocoa        settled down $22, or 1
percent, at $2,089 per tonne. The second-position contract
closed the month up 2.7 percent.

 (Reporting by Marcy Nicholson in New York and Nigel Hunt in
London; editing by David Goodman and Andrew Hay)
  

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