US: Cocoa drops to one-month low, sugar retreats on bank collapse fears

Published 2023년 3월 14일

Tridge summary

Cocoa and coffee futures on the ICE exchange experienced a decline, with cocoa reaching a one-month low due to a technical sell-off and Fitch Solutions revising its 2023 average cocoa price forecast downward. Meanwhile, raw sugar also fell following the collapse of three American banks. In contrast, sugar traders have observed good resilience in the sugar market, suggesting that fundamentals like anticipated lower production continue to drive the market. Both arabica coffee and robusta coffee futures also saw decreases.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

NEW YORK/LONDON (Reuters) - Cocoa futures on the ICE exchange fell to one-month lows on Tuesday as a technical sell-off persisted, while raw sugar retreated following market turmoil caused by the collapse of three banks in the United States in less than a week. COCOA * The New York May contract closed down $5, or 0.2%, to $2,658 a tonne. Previously, it fell to 2,625 a tonne, the lowest since Feb. 13. * Fitch Solutions has revised its 2023 average cocoa price forecast by $120 a tonne to $2,500, citing a 7.9% drop in its forecast for Ghana's production in the 2022/23 season (October-September) . SUGAR * The May raw sugar contract dropped 12 cents, or 0.6%, to settle at 20.68 cents a pound. * Traders say sugar shows good resilience given the gloomy macroeconomic picture. This suggests that bullish fundamentals, such as the prospect of lower production, remain a driving factor for the market, they say. * May white sugar fell $1.30, or 0.2%, to $581.30 a tonne. COFFEE * May arabica ...

Source: NoticiasAgricolas