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SOFTS-Raw sugar and arabica coffee hit highs in four weeks

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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.

SUGAR

* 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.

COCOA

* 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.

COFFEE

* 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)

(([email protected]; +1 332 220 8062; Reuters messaging: [email protected]https://twitter.com/tx_marcelo))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.



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