Recasts, updates with price changes and reviews
NEW YORK/LONDON, April 4 (Reuters) – raw sugar and arabica coffee futures hit four-week highs ICE CREAM Monday In day when most agricultural and energy commodities posted gains.WHERE
Cocoa was an exception, reversing earlier gains to close.
* Can raw sugar SBc1 stood 0.24 cents, or 1.2%, at 19.61 cents a pound after hitting a four-week high of 19.77 cents.
* Dealers noted that the market was heavily influenced by energy price trends, with Brazil’s new sugar marketing year starting last week and factories potentially switching between biofuel ethanol production andn/a sugar.
* A U.S.-based broker estimated that after Brazil’s recent currency gains, hydrous ethanol sales in the local market were earning factories about 10% more than sugar exports.
* The Brazilian real traded on Monday at the highest level against the dollar since March 2020.BRL=
* News of Indian factories signing contracts to export 7.2 million tonnes of sugar in the 2021/22 marketing year where too favourable, with little scope for additional exports if a potential ceiling of 8 million tonnes is imposed.
* May white sugar LSUc1 Pink $2.20, or 0.4%, to $540.70 per tonne.
* May London Cocoa LCCc1settled 13 pounds, or 0.7%, to 1,736 pounds per ton.
* Traders said port arrivals in Ivory Coast, the biggest producer, continued to be slightly ahead of last season’s pace, although there was a significant drop in production from the second producer, Ghana, this season.
* Rains were below average last week in most cocoa growing areas of Ivory Coast, but good soil moisture continued to bolster the mid-harvest from April to September, farmers said Monday.
* May New York Cocoa CCc1fell $37, or 1.4%, to $2,562 per tonne.
* May arabica coffee KCc1rose for the fifth straight session, gaining 2.2 cents, or 1%, to $2.306 a pound. The contract hit a four-week high of $2.3185 during the session.
* Resellers said the recent reduce by funds along their length positionns left the market ripe for an upward correction.
* Brokers in Brazil have reported slow farmers’ sales after the country’s currency gains drove down prices in reais.
* May robusta coffee LRCc1fell $7, or 0.3%, to $2,132 a tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt; Editing by David Goodman, Paul Simao and Shinjini Ganguli)
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