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Home STOCKS SOFTS-Arabica espresso extends rebound, sugar also climbs By Reuters

SOFTS-Arabica espresso extends rebound, sugar also climbs By Reuters

(New throughout, updates rates, market action and opinions to close)
NEW YORK/LONDON, June 30 (Reuters) – Arabica espresso futures closed up on ICE (NYSE:) on Tuesday, extending the prior session’s steep advance, boosted by short masking activated both by problems about cold climate in top producer Brazil and additional supportive price charts.
Sugar prices also rose but slumped to a 15-month low with the nearby premium mostly evaporating amid fears about weak demand.
* September arabica espresso KCc2 settled up .9 cents, or .9%, at $1.01 for every lb.
* Dealers cited concerns about a solid cold entrance transferring into Brazil, though meteorologists did not see a high prospect of frosts in excess of coffee fields.
* Some Costa Rican espresso could also go unharvested if a coronavirus-induced foreign labour shortage is not resolved shortly. Additional supportive price charts aided crank out further getting soon after the market persistently identified support during the final couple of weeks about 94.55 and 94.70 cents, prompting some to believe a base had been fashioned.
* September robusta espresso LRCc2 settled up $9, or .8%, at $1,187 a tonne.
* October raw sugar SBc2 ​​settled up .19 cents, or 1.6%, at 11.96 cents for each lb.
* The deliveries versus the expiration of the ICE July raw sugar contract attained 4,993 loads, the equivalent to 253,658 tonnes, sharply decreased than the record volume found for the May well expiration. The market was expecting a modest delivery pursuing a steep decrease in the open interest during the very last number of times. August white sugar ​​settled up $3.50, or 1.%, at $355.70 a tonne.
* September London cocoa LCCc2 ​​settled down 62 pounds, or 3.7%, to 1,620 lbs . per tonne​, a 15-month low.
* Sellers famous the front month’s premium LCC-1=R had been largely erased with weak demand serving to to curb the hunger for using delivery.
* September New York cocoa CCc2 ​​settled down $52, or 2.3%, to $2,186 a tonne.
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