NEW YORK (Commodity Online) : Soft commodities remained mixed at close for the week as Sugar and Coffee dropped while Cocoa and Cotton recorded marginal gains.
Reports of world’s largest coffee producer, Brazil is expecting a bumper harvest next year is not good enough to make any impact on global coffee price last week as prices remained steady in most markets.
Arabica-coffee futures for September delivery fell 4.8 cents, or 1.9 percent, to $2.5355 a pound in New York, marking a 3.7 percent decline for the week that was the fifth in six weeks.
In London, refined sugar and robusta coffee retreated, while cocoa rose on NYSE Liffe
Sugar fell, capping its first weekly decline since early May, as importers delayed purchases following a rally in prices to a five-month high. Cocoa climbed, while coffee declined.
Demand for sugar slowed after prices rose above 25 cents a pound in New York. The sweetener surged to a five- month high of 31.33 cents on July 13 as supply was disrupted from Brazil, the world's largest grower and exporter.
Raw sugar for October delivery dropped 0.05 cent, or 0.2 percent, to settle at 28.97 cents on ICE Futures U.S. at 2 p.m. in New York. Prices declined 1.3 percent this week.
The premium that buyers are prepared to pay for white Sugar from Brazil slumped 81 percent over the past month as high prices curbed physical demand, Kingsman SA said on July 13.
Cocoa futures for September delivery advanced $12, or 0.4 percent, to $3,168 a metric ton in New York, climbing 2.5 percent this week.
Spot Cotton quotations averaged eight and one-half cents lower than the previous week, according to the USDA. Quotations for the base quality of cotton in the seven designated markets averaged 117.85 cents per pound for the week ended Thursday.
The weekly average was down from 126.28 cents last week, but up from 75.05 cents reported the corresponding period a year ago. Daily average quotations ranged from a high of 124.34 cents on Friday, July 8, to a low of 124.00 cents on Thursday,
Spot transactions reported in the Daily Spot Cotton Quotations for the week ended July 14 totaled 2,228 bales. This compares to 78 bales last week and 393 bales reported a year ago. T
Total spot transactions for the season were 646,198 bales, compared to 888,355 bales the corresponding week a year ago. The ICE October settlement prices ended the week at 106.35 cents, compared to 116.20 cents last week.
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