Saturday, 15 June 2013 03:26
Posted by Asad Naeem
NEW YORK: US sugar traders expect one of the largest physical deliveries against the New York futures contract in recent years when the July benchmark expires in ten trading days, as the global market struggles with bulging stocks and sinking prices.Above-average open interest in July, representing outstanding contracts, and ballooning supplies amid a bumper crop from top producer Brazil indicate the delivery will be high, traders said on Friday.Global sugar prices this week touched a near three-year low of 16.17 cents a lb, with crushing underway in Brazil's main producing region and expected to reach record levels in the current crop year.A bumper Mexican crop has also weighed on prices.Brokers estimated that between 800,000 to 1 million tonnes of physical raw sugar will be delivered against the July contract. That would equate to nearly 16,000-20,000 lots.That is below the staggering 1.43 million tonnes seen in May - it was the ...
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NEW YORK: US sugar traders expect one of the largest physical deliveries against the New York futures contract in recent years when the July benchmark expires in ten trading days, as the global market struggles with bulging stocks and sinking prices.Above-average open interest in July, representing outstanding contracts, and ballooning supplies amid a bumper crop from top producer Brazil indicate the delivery will be high, traders said on Friday.Global sugar prices this week touched a near three-year low of 16.17 cents a lb, with crushing underway in Brazil's main producing region and expected to reach record levels in the current crop year.A bumper Mexican crop has also weighed on prices.Brokers estimated that between 800,000 to 1 million tonnes of physical raw sugar will be delivered against the July contract. That would equate to nearly 16,000-20,000 lots.That is below the staggering 1.43 million tonnes seen in May - it was the ...
NEW YORK: Cotton futures were little changed during choppy, options-related dealings on Friday, though they posted steep weekly gains on short covering ahead of the July contract's expiration and a bullish US Department of Agriculture report.The most-active December cotton contract on ICE Futures US inched up 0.29 cent, or 0.3 percent, to 89.44 cents per lb, rallying to a 5 percent weekly gain.Trading was mixed throughout the day amid heavy volumes."There's some squaring up and ...
NEW YORK: Oil prices surged on Friday helped by a rise in Middle East worries, after Washington said it would provide military support to Syria's rebels and Iran went to the polls to elect a new president.Firm if not stellar US economic data also helped the market, analysts said.New York's main contract, WTI crude for July delivery, added $1.16 from Thursday to $97.85 a barrel, its best level since the end of January.In London, Brent ...
LONDON: Iran's state grains buyer GTC has continued its major wheat purchasing programme, paying a premium to snap up at least 200,000 tonnes in recent days and believed to be sourced from the Black Sea and Baltic Sea regions, traders said on Friday.This involves wheat for shipment in August, September and October, they added.The purchases are come after 600,000 tonnes of milling wheat for bread and also 60,000 tonnes of animal feed wheat bought recently ...
NEW YORK: Brent crude oil rose on Thursday, tracing gains in US equities in late-session trading after US data showed stronger-than-expected retail sales and a fall in jobless claims.The positive data bolstered early gains in Brent crude and helped push US crude into positive territory, before a late session rally led by gasoline futures sent prices higher.US retail sales increased 0.6 percent in May after edging up 0.1 percent in April. A separate report showed ...
LONDON: Speculators increased their net short in robusta coffee futures and options on NYSE Liffe in the week to June 4, exchange data showed on Monday.Speculators raised a net short position by 5,067 lots in coffee, to 7,096 lots.In cocoa, a net long position was cut by 1,596 lots to 39,509 lots, while speculators trimmed a net short position in white sugar by 830 lots to 7,957 lots.In feed wheat, a net short was trimmed ...
