Sugar futures' rally to a seven-week high fizzled out on Monday hit by profit-taking and producer sales, and white sugar pulled off of a three-month top, but remained underpinned by port congestion in Brazil and Thailand. Strong pre-Ramazan cash buying lent support to both markets. Coffee futures closed mixed, with arabicas staging a modest pop on technical buying. Cocoa declined, pressured by ample supplies.
New York's July raw sugar contract eased 0.05 cent to close at 25.59 cents per lb, having touched a seven-week peak at 26.16 cents. "The current situation may reflect the recent tightness as a result of port logjams in Thailand and South Brazil," said Nick Penney of brokerage Sucden Financial.
Volume in New York's raw sugar and arabica coffee markets surged late, ranging from a third to 40 percent above the 30-day norm, Thomson Reuters data showed. New York's September arabica coffee contract rose 2.15 cents to end at $2.705 per lb. Cocoa futures declined, with any advance limited by large supplies of beans coming out of West Africa, dealers said. New York's September cocoa futures dropped $14 to finish at $2,968 per tonne.
Comments
Comments are closed for this article.