Updates with closing costs
March 3 (Reuters) – Arabica espresso futures on ICE settled decrease on Friday as traders continued to take income after bidding costs as much as a four-month excessive final month.
London cocoa additionally settled decrease, persevering with its decline from this week’s six-year excessive.
COFFEE
* Might arabica espresso KCc2 settled 4.35 cents, or 2.4%, decrease at $1.7785 per lb.
* Rabobank mentioned the market had turn into overbought after personal analysts slashed their forecasts for the present 2023/24 espresso crop in prime producer Brazil.
* Might robusta espresso LRCc2 settled $18, or 0.8%, decrease at $2,162 a tonne.
COCOA
* Might London cocoa LCCc2 settled 29 kilos, or 1.4%, decrease at 2,112 kilos per tonne. The market had risen on Wednesday to a six-year excessive of two,177 kilos.
* Cocoa stays underpinned by tight provides, significantly in prime grower Ivory Coast, the place bean exports this season are operating effectively behind a 12 months earlier.
* Might New York cocoa CCc2 settled $30, or 1.1%, decrease at $2,760 a tonne.
SUGAR
* Might uncooked sugar SBc1 settled 0.61 cents, or 3.0%, larger at 20.92 cents per lb.
* Sugar is being boosted by a diminished outlook for manufacturing from India this season.
* Greater than two dozen mills in Maharashtra had stopped cane crushing by the tip of February, practically two months sooner than final 12 months, a senior state authorities official mentioned.
* Thus far this season although, Indian mills have produced 25.8 million tonnes of sugar, up 1.8% 12 months on 12 months, the Indian Sugar Mills Affiliation mentioned.
* Might white sugar LSUc1 settled $15.60, or 2.7%, larger at $588.40 a tonne.
(Reporting by Laura Sanicola and Maytaal Angel; Modifying by Sharon Singleton and Krishna Chandra Eluri)
((Laura.sanicola@tr.com; 646-369-2618))
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