yoWith comments and closing prices
New York / London, June 29 (Reuters) – ICE’s Arabica coffee futures rose about 5% on Wednesday as strong fundamentals attracted fund buying, while raw sugar futures recovered from earlier losses to end a little change.
* Arabica coffee September KCc2 It settled up 10.5 cents, or 4.8%, at $2.2825 a pound, after declining 2% in the previous session.
* Traders reported the return of significant buying from investors to the market after weak prices this week, as fundamentals remain positive for prices.
*Note that futures are inverted, with longer-dated contracts trading at a discount on nearby positions, which indicates continued tightness in the spot market.
“Nothing has changed, the trend of this market is still up,” said one broker.
* Robusta September coffee LRCc2 It rose $32, or 1.6%, to $2,049 per ton.
*It is estimated that coffee exports in Vietnam, the largest producer of robusta, increased by 21.7% in the first six months of this year, compared to the previous year.
* Raw July Sugar SBc1 It was up 0.02 cents, or 0.1%, at 18.55 cents a pound.
* Traders said the market is looking for direction before next month’s contract expires on Thursday. Physical deliveries seem limited.
* An American broker said, “Open interest is still around 23 thousand contracts, which will make delivery of about 500 thousand tons, but it is expected to decrease further (until tomorrow).”
* Deliveries against the end of July last year were only 2,587 contracts.
* Brazilian Real BRL = It is nearing its weakest level against the dollar in five months, tempting producers to sell sugar priced in dollars by increasing revenues in the local currency.
* Traders said sugar is also under pressure from the Brazilian government’s attempts to curb energy prices by cutting taxes.
*August white sugar LSUc1 It rose $1.30, or 0.2%, to $553.80 per ton.
* September New York Cocoa CCc2 It fell $36, or 1.5%, to $2,366 a ton.
* A federal judge in Washington, D.C., on Tuesday dismissed a lawsuit brought by eight financial citizens who sought to lock up the Hershey Company. HSY.NNestle NESN.Sand Cargill Inc and others responsible for the slavery of children on cocoa plantations in Côte d’Ivoire.
* Cocoa London September LCCC2 And 16 pounds fell 0.9% to 1722 pounds per ton.
(Reporting by Marcelo Teixeira and Metal Angel; Editing by Barbara Lewis and Shalish Cooper)
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