Iincludes closing prices and commentaries
NEW YORK / LONDON, June 18 (Reuters) – Raw sugar futures on ICE fell to two-month low on Friday amid a strong dollar and improving harvest conditions in several countries, while arabica coffee recovered from the massive sale of raw materials the day before.
* July raw sugar SBc1 closed down 0.12 cents, or 0.7%, at 16.43 cents a pound, after plunging to a low of 16.32 cents – the lowest price since April 19.
* The July contract SBN1 lost 6.1% on the week, weighed mainly by losses in a wide range of commodity markets, including grains and metals, driven in part by a stronger dollar.
* “Any calibration on sugar micro-fundamentals will have to wait until this macro-earthquake and all aftershocks are over,” said Tobin Gorey, Commonwealth Bank of Australia analyst.
* Improving crop prospects in India and Thailand after favorable rains and the sustained pace of production in Brazil during the second half of May have, however, also contributed to the recent weakness in prices.
* August white sugar LSUc1 fell $ 1.60, or 0.4%, to $ 423.40 a tonne.
* Arabica coffee in September KCc2 settled 0.35 cent, or 0.2%, at $ 1.5195 per pound.
* The September contract KCU1 lost 4% over the week as coffee prices fell in conjunction with many other commodities.
* Peak Trading Research estimates that non-trading traders sold 100,000 agricultural futures contracts on Thursday alone.
* The return of the rains in Brazil, the top producer, has also improved prospects for next year’s harvest, while coffee is also coming out of Colombia after a recent disruption linked to anti-government protests.
* U.S. roasters scramble to secure their Colombian coffee supplies due to supply chain disruption.
* Robusta coffee in September LRCc2 fell $ 18, or 1.1%, to $ 1,616 a tonne.
* September New York cocoa CCc2 Came in at $ 9, or 0.4%, at $ 2,372 per tonne. The contract lost 1% during the week and hit the lowest price in almost 7 weeks as the market remains well supplied even as there is a resumption in cocoa processing as economies ease restrictions of Covid-19.
* “The supplies are there for any increased demand,” said Jack Scoville, of the Price Futures Group in Chicago.
* September London cocoa LCCc2 was stable at 1.626 pounds per tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt; editing by Elaine Hardcastle, Paul Simao, Philippa Fletcher)
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