July 17, 2017 / 6:42 PM / in 4 months

SOFTS-Sugar falls, arabica slips from 6-1/2-week high

 (Recasts; updates prices; adds comment, NEW YORK dateline)
    NEW YORK/LONDON, July 17 (Reuters) - Raw sugar futures on
ICE were lower on Monday with the market back on the defensive
after last week's short-covering rally, while arabica coffee
turned lower after touching a 6-1/2-week high.
    * October raw sugar        settled down 0.21 cent, or 1.5
percent, at 14.09 cents per lb with the recent short-covering
rally appearing to have run out of steam.
    * Prices stayed close to the 14-cent level as there was
heavy open interest in the August options contract, which
expired at the end of the session, one trader said.
    * One trader said that prices fell on chart-based buying
with the 50-day moving average around 14.56 cents pressuring
    * "In Brazil, the focus will continue to be on sugar. And it
becomes more negative the longer the price is around these
levels," one dealer said, referring to the world's biggest sugar
    * October white sugar         settled down $4.70, or 1.2
percent, at $394.30 per tonne.
    * ICE Futures Europe said 199,050 tonnes of white sugar had
been tendered against the August contract that expired on
    * September arabica coffee        settled down 0.15 cent, or
0.11 percent, at $1.3355 per lb after climbing to a 6-1/2 week
high of $1.35.
    * Dealers said speculative selling continued to pressure
prices as they held a large net short position.             
    * September robusta coffee         settled down $20, or 0.9
percent, at $2,126 per tonne.
    * September New York cocoa        settled down $5, or 0.3
percent, at $1,910 per tonne.
    * Arrivals at ports in top grower Ivory Coast were estimated
by exporters at 1.9 million tonnes, with 18,000 tonnes delivered
in the last week, higher than the year-ago figure.             
    * "That could be why we’re ultimately a little lower on the
day, because of the higher arrivals," said Nick Gentile,
managing partner of commodity trading advisor NickJen Capital.
    * Crop weather appeared to improve in Ivory Coast with a mix
of healthy rainfall and sunny spells last week, spurring flowers
and pods, boosting the prospects for a strong start to the
upcoming main crop, farmers said on Monday.             
    * September London cocoa         settled down 2 pounds, or
0.1 percent, at 1,507 pounds per tonne.
    * A total of 101,610 tonnes of cocoa has been tendered
against the ICE July London cocoa contract that expired on
Friday, exchange data showed.             

 (Reporting by Reporting by Renita D. Young in New York, Nigel
Hunt and Ana Ionova in London; Editing by Edmund Blair and
Jonathan Oatis)

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