Raw sugar dips to lowest in 20 months, coffee falls more than 3%

Reuters

Raw sugar dips to lowest in 20 months, coffee falls more than 3%

2024 7월 24, 오후 7:43 GMT

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Adds comments on coffee and sugar; updates prices

NEW YORK, July 24 (Reuters) -Raw sugar futures on ICE fell on Wednesday for the seventh consecutive session to hit a 20-month low amid better prospects for Asian production and weak technical signs, while coffee futures fell more than 3%.

SUGAR

* October raw sugar SBc1 settled down 0.25 cents, or 1.4%, at 17.91 cents per lb, having earlier hit a 20-month low of 17.86 cents/lb.

* Traders said the market had been put under pressure by improved crop prospects in the Northern Hemisphere amid favourable monsoon rains, despite lingering concerns about yields and the amount of cane allocated to sugar production in top producer Brazil.

* "Asian production gains will more than offset any Brazilian losses," said a U.S.-based dealer.

* Broker StoneX on Wednesday confirmed the positive prospects for Thailand, India and Pakistan, but cut nearly 2 million metric tons for its Brazil estimate.

* October white sugar LSUc1 fell 0.7% at $521.90 a ton.

COFFEE

* September arabica coffee KCc1 settled down 7.95 cents, or 3.3%, at $2.3115 per lb, having hit a two week low of $2.3055.

* Dealers said the quick pace of harvest in top grower Brazil was adding pressure to the market, adding that July was on track for another near-record export volume.

* They also noted the weak Brazilian currency BRL=, which boosts selling by farmers.

* Consumer goods giants including Nestle, Mars Wrigley and Ferrero have backed the European Union's upcoming ban on importing goods linked to deforestation like coffee and cocoa.

* September robusta coffee LRCc2 fell 3.4% at $4,327 a ton.

* Dealers said the weather in top producer Vietnam has dramatically improved this month - a positive sign for next season's crop development.

COCOA

* September London cocoa LCCc1 settled down 129 pounds, or 1.9%, to 6,677 pounds per ton.

* Dealers said selling from producing countries was keeping price gains in check, but added the supply squeeze is intact and there is uncertainty about the next season's crop.

* Nestle NESN.S may flag more price hikes on its chocolate products when itreports first-half earnings on Thursday.

* Cocoa demand has held up to datedespite rising prices, but all eyes are on the fourth quarter, when demand is expected to slide as chocolate price hikes ramp up.

* September New York cocoa CCc1 fell 0.7% to $8,227 a ton.

Reporting by Maytaal Angel and Marcelo Teixeira; Editing by Sonia Cheema and Tasim Zahid

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Raw sugar dips to lowest in 20 months, coffee falls more than 3%

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