AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

Coffee prices on ICE hit their lowest in 1-1/2 months on Monday as the real fell versus the dollar and investors focused on excess supplies, while sugar and cocoa also slid. September arabica coffee was 3.4 cents, or 3.4%, lower at 94.75 cents per lb at 1340 GMT, having hit a low of 94.30. Coffee fell 1.6% last week, with plentiful global supplies continuing to pressure the market.
Speculators hiked their net short position in arabica coffee futures to its largest in five weeks in the week to July 30. "There doesn't seem to be much to support the market. Importantly, through the dollar, we might see further pressure," said a dealer. The real fell versus the dollar, extending last week's sharp decline and tempting Brazilian traders to sell more dollar-priced coffee.
September robusta coffee was down $18, or 1.4%, at $1,294 a tonne. October raw sugar was down 0.3 cents, or 2.7%, at 11.70 cents per lb, having hit a near two week low of 11.69. Prices were pressured by lower oil prices, which fell again following US President Donald Trump's vow last week to impose additional tariffs on Chinese imports.
Lower energy prices discourage Brazilian cane mills from producing biofuel ethanol, instead encouraging them to produce sugar. Sugar traders are also still digesting signs of plentiful near-term supplies. "We've not got anyone hugely bullish out there. Long term probably prices are likely to improve, but for the short term (sugar) doesn't seem to be going anywhere," said a dealer.
Sugar gained 3.7% last week, aided by expectations of reduced future supplies. Analyst Green Pool raised its global sugar deficit forecast for the 2019/20 season to 3.67 million tonnes, raw value, from 1.62 million, citing output reductions in Brazil and India.
Speculators cut their net short position in ICE US sugar by 20,793 contracts to 147,109 contracts in the week to July 30. October white sugar was down $5.8, or 1.8%, at $317.90 a tonne. September London cocoa fell 31 pounds, or 1.7%, to 1,831 pounds a tonne, having hit its lowest in nearly three weeks at 1,828. September New York cocoa fell $31, or 1.3%, to $2,330 a tonne, having hit a two-month low of $2,324.
The contract fell 2.9% last week on improving weather conditions in top grower Ivory Coast. Speculators reduced their net long position in ICE US cocoa by 4,236 lots to 18,855 lots in the week to July 30.

Copyright Reuters, 2015

Comments

Comments are closed.