Raw sugar turns lower after hitting near two-week high
Adds background, updates prices
LONDON, July 31 (Reuters) -Raw sugar futures turned lower on Wednesday, slipping from an earlier near two-week peak, with an improving outlook for crops in key Asian producers India and Thailand weighing on prices.
SUGAR
* October raw sugar SBc1 was down 1.3% at 18.88 cents per lb by 1406 GMT, after climbing to as high as 19.32 cents.
* Dealers said there were still concerns about dry weather in Brazil, although a slight decline in production in the key Centre-South region may already have been priced in.
* Monsoon rains in India and Thailand had also improved the outlook for cane crops in those countries, they added.
* India received 9% more rainfall than average in July as the monsoon covered the entire country ahead of schedule, delivering heavy rain in central and southern states, weather department data showed on Wednesday.
* October white sugar LSUc1 fell 1.1% to $532.70 a ton.
COFFEE
* September arabica coffee KCc1 fell 1.1% to $2.2835 per lb with the harvest in Brazil now more than 80% complete and the pace of exports picking up.
* September robusta coffee LRCc1 was down 1% at $4,225 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 1.5% to 6,449 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 rose 0.1% to $8,142 a ton.
Reporting by Nigel Hunt; Editing by Varun H K and Ros Russell
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
