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Raw sugar slips from near two-week high on weather concerns

01 Αυγούστου 2024.

shipsugar54n1Raw sugar futures were little changed on Wednesday amid concerns around dry weather in Brazil, slipping from a nearly two-week high earlier, while coffee prices rose.

SUGAR

* October raw sugar on the Intercontinental Exchange (ICE) SBc1 was down 0.2% at 19.08 cents per lb by 1021 GMT, after climbing to as high as 19.32 cents.

* Dealers said there are concerns about dry weather in Brazil, although a slight decline in production in the key Centre-South region may already have been priced in.

* The market has also been supported by fund short-covering, with the market regaining some ground after its sharp decline earlier this month.

* October white sugar LSUc1 rose 0.1% to $539.20 a ton.


COFFEE

* September arabica coffee KCc1 climbed 1.3% to $2.3385 per lb.

* Dealers said dry weather in coffee areas of Brazil was providing some support for prices.

* September robusta coffee LRCc1 rose 0.4% to $4,283 a ton.

* Dealers said the slow pace of exports from top robusta producer Vietnam remained a supportive factor, although it had been partially offset to a strong flow of robusta shipments from Brazil.

COCOA

* September London cocoa LCCc1 fell 1.8% to 6,428 pounds a ton, erasing some of the prior session's steep gains.

* Dealers said the weather in Ivory Coast remained generally favourable, boosting the outlook for 2024/25 crops.

* September New York cocoa CCc1 fell 1.2% to $8,035 a ton.

Source: Reuters

 

 

 

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