youupdates with closing prices and comments
NEW YORK/LONDON, August 1 (Reuters) – Raw sugar futures on ICE stabilized on Monday as the market rallied mid-term after hitting a new one-year low in choppy trading.
Arabica coffee fell, while cocoa closed.
*October raw sugar SBc1 stood 0.06 cents, or 0.3%, at 17.60 cents after hitting a new one-year low of 17.20 cents/pound. The contract lost 6.9% in July.
* Speculators moved from a net long to a net short position in raw sugar in the week to July 26, selling 68,538 contracts to build a net short position of 43,551 lots.
* Dealers said speculators seemed happy to keep their position short for the time being, although they would likely buy back or hedge their position if macro signals improve.
* Global equities hit seven-week highs on Monday, buoyed by strong corporate earnings and falling expectations of sharp interest rate hikes, although oil fell amid weak factory data in China and Japan weighed on the demand outlook. MKTS/GLOBWHERE
* October white sugar LSUc1 fell $3.30, or 0.6%, to $523.90 a tonne. The contract lost 5.28% in July.
* September arabica coffee KCc1 settled 4 cents, or 1.8%, lower at $2.132 a pound. The contract lost 7% in July.
* Speculators increased their net long position in Arabica coffee by 1,169 contracts to 14,693 lots in the week to July 26.
* Arabica was supported by falling ICE-certified stocks – which are at their lowest in more than 20 years KC-TOT-TOT – and is concerned that this year’s harvest in Brazil, the leading producer, will be slightly lower than initially forecast. COF/SURVEY
* The Brazilian currency, however, continued to improve on Monday, which tends to reduce farmers’ sales BRL=.
* September robusta coffee LRCc1 rose $1 to $2,031 per ton.
* September New York Cocoa CCc1 rose $16, or 0.7%, to $2,339 per tonne.
* Commodity broker Marex has agreed to buy rival ED&F Man Capital Markets, the company said.
* September London Cocoa LCCc1 rose 7 pounds, or 0.4%, to 1,711 pounds per ton.
(Reporting by Marcelo Teixeira and Maytaal Angel Editing by Bernadette Baum and Krishna Chandra Eluri)
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