Business

SOFTS-Raw sugar closes little changed, posting 8.7% gain in the week

ProDentim

[ad_1]

Add comments, weekly earnings, closing prices

NEW YORK/LONDON, April 28 (Reuters)RSugar futures closed flat Friday on the ICE exchange after hitting their highest prices in 11½ years in the previous session, while coffee fell.

SUGAR

* Can raw sugar SBc1changed little as it expired on Friday at 26.99 cents per pound. The contract gained 8.7% in the week.

*Dealers said market is due for a short-term correction given the overall negative macroeconomic environment for commodities.

* Chinese trader COFCO delivered 900,000 tonnes of raw sugar to ICE when the May contract expires, with almost all of the volume delivered.

* Sugar has been boosted lately by weaker-than-expected production in India, Thailand, China and the European Union, while the upcoming harvest in Brazil, the leading producer was slowed down by the rains.

* In addition, producers and experts have reduced their production forecasts by 10% for the current sugar harvest in Mexico after a drought of several months.

* August white sugar LSUc1 fell $8.50, or 1.2%, to $711.60 per tonne, but it gained 5.2% in the week.

COFFEE

* July robusta coffee LRCc2 settled down $4, or 0.2%, to $2,409 a tonne after peaking Wednesday at $2,489, its highest level in nearly 12 years. The contract gained 1% in the week.

* Export price of coffee from Vietnam’s top robusta producer extended their discount on ICE futures this week as farmers had almost nothing left to sell, with traders saying prices are now excessively high.

* Robusta harvests in Indonesia and Brazil are also just starting to pick up.

* July arabica coffee KNc2 fell settled $4, or 0.2%, to $2,409 per tonne.

* Colombian Federation of Coffee Growers has elected a new director as the group strives to increase production, reduce production costs and maintain the international profile of its beans.

COCOA

* Cocoa July London LCCc2 fell 9 pounds, or 0.4%, at 2,213 pounds per ton​. He lost 3% in the week.

* Chocolatier Cadbury MondelezMDLZ.O expects organic revenue growth of more than 10% in 2023 thanks to sustained demand for its chocolates and biscuits despite price increases.

* July Cocoa New York CCc2pink$13, or 0.4%, to $2,937 per tonne.

(Reporting by Marcelo Teixeira and Maytaal Angel; Editing by Alexander Smith, Louise Heavens and Shailesh Kuber)

((marcelo.teixeira@tr.com; +1 332 220 8062; Reuters messaging: marcelo.teixeira.thomsonreuters.com@reuters.net – https://twitter.com/tx_marcelo))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



[ad_2]

nasdaq

alpilean
Back to top button