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2 个月前
SOFTS-ICE sugar futures extend recovery, arabica also gains
2017年6月7日 / 晚上8点58分 / 2 个月前

SOFTS-ICE sugar futures extend recovery, arabica also gains

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(New throughout, updates prices, market activity and comments to close, adds NEW YORK dateline)

NEW YORK/LONDON, June 7 (Reuters) - Raw sugar futures rose further off last week's 15-month low on Wednesday and arabica coffee advanced on expectations of cold weather in top grower Brazil, while cocoa on ICE Futures U.S. eased.

Sugar

* July raw sugar settled up 0.16 cent, or 1.14 percent, at 14.14 cents per lb after climbing to 14.32 cents on short-covering.

* Dealers said the market was monitoring weather in Brazil, where forecasts for further rains could lead to short-term disruptions to production in pockets of the cane region.

* "The market might need several more days of this (slow recovery) before it dispels the impression it is still teetering on the edge of a cliff," Commonwealth Bank of Australia analyst Tobin Gorey said in a market note.

* The low prices have also spurred some industry buying and fuelled expectations that Brazilian producers could start favouring ethanol over sugar.

* "The ethanol parity is now at 13 cents," said Carlos Mera, senior commodities analyst at Rabobank. "And, I think, 1 cent above that, it will already start incentivising ethanol to some extent. And that's not far from where we are now. We're just on top of that."

* Brazil's millers can divert cane to produce ethanol for the domestic market or sugar for export.

* August white sugar settled up $4.3, or 1.04 percent, at $418.20 per tonne.

Coffee

* July arabica coffee settled up 0.2 cent, or 0.16 percent, at $1.2575 per lb.

* Dealers said the market was still watching the weather outlook in top producer Brazil with a cold snap expected in the next few days in some areas but no immediate threat to crops anticipated.

* "It’s going to be getting cold in Brazil this weekend, probably not enough to damage anything but it’s a wake-up call for the shorts," said Jack Scoville, a vice president with Price Futures Group in Chicago.

* July robusta settled down $13, or 0.65 percent, at $1,972 per tonne.

Cocoa

* July New York cocoa settled down $12, or 0.61 percent, at $1,963 per tonne, while July London cocoa settled down 10 pounds, or 0.65 percent, at 1,530 pounds per tonne.

* Dealers said the market remained choppy and dominated by speculative activity with producers generally well sold and industry with sufficient cover. (Reporting by Nigel Hunt and Ana Ionova in London and Chris Prentice in New York; editing by David Clarke and David Gregorio)

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