Raw sugar futures on ICE vaulted higher on Friday, on late-day buying just moments before the May contract expired as the delivery was viewed as larger-than-expected.The London agricultural markets will shut for a holiday Monday and reopen on Tuesday, while ICE Futures U.S. soft commodities will open late on Monday at 7:30 a.m.
* July raw sugar SBc2 settled up 0.7 cent, or 4.5 percent, at 16.13 cents per lb, its biggest one-day rally on a continuation chart since Jan. 3.
* It closed April down 4.4 percent, its third straight monthly fall after touching a one-year low on Thursday.
* May SBK7 settled up 5.7 percent at 16.04 cent/lb before expiring at the end of the session. It closed at a 0.09 cent discount to July, a sharp move from a 0.26 cent discount on Thursday.
* Chinese trading house COFCO Group is expected to deliver 29,404 lots of a total of about 29,900 lots of raw sugar, or 1.5 million tonnes, against the May contract, U.S. traders said after the market closed. Traders said the rally was due to speculative buying.
* “We’ve had a big delivery with the May expiration and maybe some people are viewing it as positive,” one U.S. trader said.
* Traders also eyed industrial unrest in top producer Brazil. August white sugar LSUc1 settled up $13.10, or 2.9 percent, at $459.50 per tonne.
* July arabica coffee KCc2 settled up 3.9 cent, or 3 percent, at $1.334 per lb, but closed April down 5.8 percent.
* Arabica futures bounced up from Thursday’s 10-1/2-year low at $1.2865, which was becoming a technical support level.
* July robusta LRCc2 settled up $36, or 1.9 percent, at $1,946 per tonne. The second month closed April down 9.4 percent, its weakest monthly performance since January 2016.
* Dealers said the market was underpinned by a slowdown in producer selling following the recent decline in prices.
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