SOFTS-Sugar prices fall on reduced risk appetite and firm dollar
LONDON, May 9 (Reuters) – Raw sugar futures on ICE fell on Monday as investors continued to trim their long positions as risk appetite rattled by the conflict in Ukraine and lockdowns in China, while dollar strength also weighed on prices. MKTS/GLOB
Coffee and cocoa prices have also fallen.
*July raw sugar SBc1 fell 1.6% to 18.86 cents a pound at 10:51 GMT.
* Dealers said the market expected Brazilian industry group UNICA to release data this week on cane crushing in the second half of April.
* Mills showed a strong preference in the first half of April to allocate cane to ethanol rather than sugar production and the market will be watching closely to see how much of this trend continues.
* Speculators reduced their net long position in raw sugar futures on ICE US in the week to May 3, data from the Commodity Futures Trading Commission (CFTC) showed on Friday.
* August white sugar LSUc1 fell 1.1% to settle at $525.30 a tonne.
* July arabica coffee KNc2 fell 0.1% to $2.1015 a pound after matching Friday’s low of $2.10 – the lowest level since Nov. 11, 2021.
* July robusta coffee LRCc2 fell 1.3% to $2,055 a tonne.
* Vietnam exported 739,046 tonnes of coffee in the first four months of this year, up 26.2 percent from the same period a year earlier, according to government customs data released on Monday.
* July Cocoa New York CCc2 fell 1.6% to $2,456 a tonne.
* Cocoa arrivals at the ports of the leading Ivorian producer reached 1.770 million tonnes between the start of the season on October 1 and April 30, down 3.2% compared to the same period last year, revealed data from the cocoa regulator on Monday.
* Cocoa July London LCCc2 fell 1.3% to 1,764 pounds per tonne.
(Reporting by Nigel Hunt)
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