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Home STOCKS SOFTS-Raw sugar finishes week under 12-cent mark coffee also down By Reuters

SOFTS-Raw sugar finishes week under 12-cent mark coffee also down By Reuters

(Recasts, updates selling prices, provides specifics)
NEW YORK/LONDON, June 12 (Reuters) – Raw sugar rates on ICE (NYSE:) shut reduce on Friday, underneath the 12-cent mark, with investors reassessing the risk that a resurgence of coronavirus infections will put more stress on the world-wide economy and hurt sugar demand. MKTS/GLOB
Futures of robusta and arabica espresso also close down, though cocoa rose.
* July raw sugar ​​settled down .07 cents, or .6%, at 11.87 cents for every lb​​, owning hit a low of 11.60 earlier in the session.
* Sellers mentioned escalating fears about the financial outlook ended up often most likely to prompt a drop in sugar.
* “The market will, quite possibly, test to consolidate at close to present-day stages with, probably, a new range in area with support at 11.50 but resistance over 12.40,” mentioned a London-dependent broker.
* “Just after getting employed to a far more optimistic slant with sugar pursuing the recovery of to the $40 a barrel level, now we have to see if crude has topped out or is just correcting following its 134.4% rally,” stated a New York-centered broker.
* August white sugar ​​settled down $4.40, or 1.1%, at $383.40 a tonne.
* September LCCc2 ​​settled up 20 pounds, or 1.2%, to 1,745 pounds per tonne​, obtaining hit a nine-month low on Thursday​.
* Dealers cited escalating fears in excess of demand, and mentioned the longstanding backwardated or inverted market framework in cocoa is easing, signalling diminished in close proximity to-term supply tightness.
* Ivory Coastline cocoa grinders had processed 377,000 tonnes of beans by conclusion Could versus 364,000 tonnes in the exact same time period final season. September New York cocoa CCc2 ​​settled up $28, or 1.2%, to $2,319 a tonne, partly recovering from a 4.3% fall on Thursday.
* September arabica coffee KCc2 settled down .7 cents, or .7%, at 97 cents for each lb, owning strike an 8-month low on Thursday.
* September robusta coffee LRCc2 settled down $15, or 1.2%, at $1,212 a tonne.
(Editing by Emelia Sithole-Matarise and Marguerita Choy)
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