NY cocoa regains some ground while robusta prices slip
LONDON, May 7 (Reuters) -New York cocoa futures on ICE rose on Tuesday, regaining some ground after falling by nearly 7% during the previous session, while robusta coffee futures extended their recent fall from last month's record high.
COCOA
* July New York cocoa CCc2 rose 1.3% to $7,695 a metric ton by 1134 GMT.
* Dealers said fundamentals remained generally supportive despite the recent sharp setback in prices, with dry weather in top grower Ivory Coast hampering the mid-crop and adding to supply concerns.
* July London cocoa LCCc2 fell 3.2% to 6,665 pounds a ton, adjusting to steep losses in New York cocoa on Monday when the London contract was closed for a public holiday in Britain.
COFFEE
* July robusta coffee LRCc2 was 4.1% down at $3,397 a ton, extending the market's fall from a record high of $4,338 on April 25.
* Dealers said speculators were continuing to scale back long positions while the market continued to pay close attention to the weather in top robusta producer Vietnam.
* They noted recent rains may have slightly improved the outlook for crops in Vietnam, though dry conditions remained a major concern.
* July arabica coffee KCc2 fell 0.4% to $1.9435 per lb.
SUGAR
* July raw sugar SBc1 rose 0.15% to 19.51 cents per lb.
* Workers at all eight of Wilmar International's WLIL.SI sugar mills in Australia are planning work stoppages on Thursday and Monday over demands for higher pay, the Singapore-listed company said.
* August white sugar LSUc1 lost 0.1% to $571.30 a ton.
Reporting by Nigel Hunt
Editing by David Goodman
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.
