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NEW YORK/LONDON, May 5 (Reuters) – Raw sugar futures on ICE closed on Thursday, recovering some ground after hitting a seven-week low in the previous session, while robusta coffee hit a five-week high.
*July raw sugar SBc1 settled 0.16 cents, or 0.9%, to 18.78 cents per pound.
* Traders said the market appeared to remain stuck in a trading range limited on the upside by Indian sugar exports and on the downside by the ability of Brazilian factories to produce more ethanol and less sugar .
* Indian mills have signed contracts to export 8.2-8.3 million tonnes of sugar in the current year without government subsidies, a trade body said on Thursday.
* Andy Duff, sugar analyst at Rabobank, said in a report that Brazilian factories recently backed away from hedging sugar sales, to retain some flexibility to shift the allocation from cane to ethanol production in depending on the relative fuel efficiency.
* “Brazilian millers are keeping their options open and watching the oil, gas and foreign exchange markets more than ever,” he said.
* August white sugar LSUc1 rose $5.40, or 1.0%, to $522.30 per tonne.
* July robusta coffee LRCc2 was little changed at $2,136, after hitting a five-week high of $2,159.
* Dealers said supplies were tight at Vietnam’s main robusta producer, although the robusta crop in Brazil is starting to pick up speed.
* Brazil’s green coffee exports fell to 165,744 tonnes in April from 207,170 tonnes a year earlier, the government said.
* July arabica coffee KNc2 fell 3.55 cents, or 1.6%, to $2.1725 a pound.
* July Cocoa New York CCc2 was $69, or 2.7%, at $2,511 a tonne.
* Dealers said they fear demand could be hit by the conflict in Ukraine and lockdowns in China continued to weigh on prices.
* Cocoa July London LCCc2 fell 21 pounds, or 1.2%, to 1,798 pounds per ton.
(Reporting by Marcelo Teixeira and Nigel Hunt; Editing by David Goodman and Shailesh Kuber)
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