Cocoa falls amid reduced volumes; raw sugar declines after contract expiration in the US and UK

Published 2024년 7월 1일

Tridge summary

Cocoa and raw sugar futures saw a sharp decline on Monday due to the liquidation of long positions by funds and heavy short selling. London cocoa prices fell by 3% to 6,170 pounds per metric ton, with a 18% loss in the last quarter. New York cocoa contracts also dropped by over 20% in the last two weeks. October raw sugar fell by 0.3% to 20.23 cents per pound, but the market remains uncertain with delivery figures and upcoming rainfall in Brazil. Robusta coffee prices rose by 1.4% to $4,067 a tonne, while Arabica coffee prices fell by 0.9% to $2.2485 per pound, influenced by the weak Brazilian currency.

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

Original content

Cocoa futures on ICE fell sharply on Monday after attempting a brief recovery in the previous session as funds resumed liquidating long positions. Raw sugar also fell after the July contract expired. COCOA * London cocoa fell 194 pounds, or 3%, to 6,170 pounds per metric ton, after closing up 3.7% on Friday. * London cocoa lost 18% of its value in the last quarter, after rising 129% in the first quarter. * Rabobank said deteriorating liquidity and heavy short selling exacerbated price movements following the return of long-awaited rains to second-largest cocoa producer Ghana. * New York September cocoa fell 5.7% to $7,293 a tonne, after closing up 6.3% on Friday. The contract has lost more than 20% in the last two weeks. * New York ICE cocoa speculators reduced their net long position by 4,065 contracts to 9,519 in the week to June 25, data showed. SUGAR * October raw sugar fell 0.07 cents, or 0.3%, to 20.23 cents per pound. * Raw sugar deliveries at July contract expiration ...

Source: Mercado Do Cacau