Raw sugar futures changed direction and closed down nearly 3 percent on Monday, moving in a wide 1.7-cent range as weak US manufacturing data weighed on the commodity complex. Key October raw sugar futures rumbled 0.84 cent, or 2.8 percent, to end at 28.97 cents per lb.
Market reversed lower on commodity-wide pressure from weak US manufacturing data that came in at a two-year low and below expectations, said traders. Speculators raised their net long position in futures and options to a 1-1/2 year high, in the week ending July 26.
September arabica coffee futures rose 1.8 cent to settle at $2.4135 per lb. Total volume heavy at around 25,862 lots, the highest since June 20, according to Thomson Reuters preliminary data. ICE certified arabica stocks fell by 3,396 bags to 1,534,713 bags on July 29, with 5,040 bags still pending grading, quoted ICE data. Key September cocoa futures fell $19 to close at $2,955 a tonne. September hit a six-week low at $2,946. Total open interest reached 177,807 lots on July 29, a three-year high, according to ICE data.
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