ICE raw sugar futures eased on Tuesday as the market digested a small delivery against expiry of the July contract, signalling weak near-term demand for the sweetener.
Cocoa dipped but remained close to a near-three year high supported by a strong demand outlook. Arabica coffee edged lower, with dealers still uncertain over the extent of damage to crops in Brazil from a recent drought.
Raw sugar futures fell slightly, as dealers took stock of a small delivery against expiry of the ICE July contract, and with Friday's Commitment of Traders report showing speculators nearly tripled their net long position viewed as bearish.
CSC Sugar and Louis Dreyfus Commodities will receive 761 lots of Central American sugar delivered against the July contract, U.S. traders said.
"There was no willing receiver of a large tonnage. It was a sign that there is a lack of demand," a senior London-based trade source said.
"In the short term, people have sugar in their warehouses that they can't sell."
ICE October raw sugartraded down 0.11 cents, or 0.6 percent, at 17.90 cents a lb at 1314 GMT.
"We will probably trade 10/15 points either side of 18 cents in the coming session," said Tom Kujawa, co-head of the softs department of broker Sucden Financial Sugar.
Liffe August white sugareased $1.40, or 0.3 percent, to trade at $470.80 a tonne.
Cocoa on ICE Futures U.S. traded lower, pressured by strong deliveries in Ivory Coast, the world's top grower.
ICE September cocoawas down $15, or 0.5 percent, at $3,112, below a near three-year peak of $3,142 hit on Monday.
"A reversal on the downside in breach of the 10-day moving average currently at $3,096 could see declines extend towards the 40-day moving average at $3,024 while any extended losses could target levels below $3,000," said Kash Kamal, research analyst at Sucden Financial.
The second position on ICE ended the second quarter up 5.4 percent as traders piled into the market on expectations of a supply deficit.
Liffe September cocoatraded down 18 pounds, or 0.9 percent, at 1,930 pounds a tonne.
The benchmark ICE September arabica contractfell 2.75 cents, or 1.6 percent, to trade at $1.7235 per lb, after the second position ended the second quarter down 2.7 percent following the first quarter's 60 percent surge.
"Arabica prices are to consolidate as Brazilian production remains uncertain," Rabobank said in its latest Agri Commodities Monthly report.
The September Liffe robusta coffee contractfell $8, or 0.4 percent, to trade at $2,008 per tonne.
Source: Reuters
Cocoa dipped but remained close to a near-three year high supported by a strong demand outlook. Arabica coffee edged lower, with dealers still uncertain over the extent of damage to crops in Brazil from a recent drought.
Raw sugar futures fell slightly, as dealers took stock of a small delivery against expiry of the ICE July contract, and with Friday's Commitment of Traders report showing speculators nearly tripled their net long position viewed as bearish.
CSC Sugar and Louis Dreyfus Commodities will receive 761 lots of Central American sugar delivered against the July contract, U.S. traders said.
"There was no willing receiver of a large tonnage. It was a sign that there is a lack of demand," a senior London-based trade source said.
"In the short term, people have sugar in their warehouses that they can't sell."
ICE October raw sugar
"We will probably trade 10/15 points either side of 18 cents in the coming session," said Tom Kujawa, co-head of the softs department of broker Sucden Financial Sugar.
Liffe August white sugar
Cocoa on ICE Futures U.S. traded lower, pressured by strong deliveries in Ivory Coast, the world's top grower.
ICE September cocoa
"A reversal on the downside in breach of the 10-day moving average currently at $3,096 could see declines extend towards the 40-day moving average at $3,024 while any extended losses could target levels below $3,000," said Kash Kamal, research analyst at Sucden Financial.
The second position on ICE ended the second quarter up 5.4 percent as traders piled into the market on expectations of a supply deficit.
Liffe September cocoa
The benchmark ICE September arabica contract
"Arabica prices are to consolidate as Brazilian production remains uncertain," Rabobank said in its latest Agri Commodities Monthly report.
The September Liffe robusta coffee contract
