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SOFTS-Raw sugar nears four-month peak as Brazil frost damage is assessed

Reuters, 06.07.21

LONDON, July 6 (Reuters) - Raw sugar futures on ICE edged up on Tuesday, heading back near a recent four-month peak as the market continues to assess the extent of damage to the cane crop in top producer Brazil after last week's frosts.


* October raw sugar SBc1 rose 1.1% to 18.34 cents per lb by 1107 GMT, having hit its highest since late February at 18.49 cents last Thursday. The contract gained 6.9% last week.

* Dealers said sugar looks well supported, noting that the frosts were extensive and the cane was already under stress from the prolonged dry weather earlier this season.

* They cautioned, however, that demand remains poor and that India might conclude further sales without government subsidies if prices remain above 18 cents.

* August white sugar LSUc1 rose 0.8% to $455 a tonne, edging back towards a three-week high of $461.40 set last Thursday.


* September arabica coffee KCc2 fell 1% to $1.5160 per lb, having touched its lowest in two weeks at $1.5125.

* Dealers said losses were on the cards for arabica, with most of the coffee areas in Brazil having been spared frost damage.

* Commerzbank raised its fourth-quarter arabica price outlook to $1.45 per lb given that prolonged dryness in Brazil this season could have damaged next season's crop.

* September robusta coffee LRCc2 rose 0.4% to $1,694 a tonne, having hit a 2-1/2 year high of $1,737 on Friday.

* Dealers cited industry reports tallying stocks in bonded and non-bonded warehouses in top robusta producer Vietnam at 330,300 tonnes last week, down 5.7% month on month.


* September New York cocoa CCc2 ?rose 1.2% to $2,346 a tonne, having hit an eight-month low last week.

* Commerzbank lowered its fourth-quarter average price forecast for New York cocoa by $100 to $2,400 a tonne, citing excess supplies.

* September London cocoa LCCc2 edged up 0.1% to 1,628 pounds a tonne.

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