New York market: raw sugar fell to 16-month low, due to weak technical
NEW YORK / LONDON, June 26 - Intercontinental Exchange (ICE) Raw sugar futures fell to a 16-month low on Monday as weak technical shifts, the main Brazilian harvesting climate was dry, and the data showed speculators more bullish Selling plate.
October raw sugar fell 0.32 cents, or 2.4%, reported 12.85 cents per pound, intraday low in February 2016 since the lowest since 12.82 cents.
July contract will expire on Friday. According to the exchange data, as of the previous trading day, open contracts for the 93,093 mouth.
"The dry weather in the central and southern regions will provide the ideal conditions for sugarcane harvesting," said MDA Information Systems meteorologist, referring to Brazil's major sugar producing areas.
Last week's exchange data show that speculators will be sugar head short positions increased to the past two years up.
August sugar contract closed down $ 8.70, or 2.2%, to $ 386.80 a tonne.
September Arabica coffee closed up 1.5 cents, or 1.2%, at $ 1.245 a pound.
On Friday, the price soared 5.6%, due to the market recorded a similar decline in the day before the 16-month low after the correction.
September Robusta coffee closed up $ 12, or 0.6%, at $ 2,090 per tonne.
September New York cocoa closed down $ 34, or 1.8%, to $ 1,845 a tonne.
September London cocoa fell 30 pounds, or 2 percent, to 1,488 pounds per ton.