NY sugar extends gains, cocoa recovers lost ground
Feb 24 (Reuters) - Raw sugar held at a four-month high in early trading Friday while U.S. cocoa recovered some ground lost the day earlier. Arabica coffee likewise rose in line with the broader commodity market. For news on other financial markets, please click on: ] 8:35 AM LAST NET PCT LOW HIGH CURRENT TRADE CHNG CHNG VOL Sugar MAR 26.04 0.1 0.4% 25.79 26.04 3,061 Sugar MAY 24.98 0.12 0.5% 24.72 25.00 11,639 Cocoa MAR 2,353 -18 -0.8% 2,352 2,355 10 Cocoa MAY 2,354 10 0.4% 2,333 2,359 1,831 Coffee MAR 203.90 1.9 0.9% 202.00 203.90 108 Coffee MAY 203.90 1.85 0.9% 201.95 204.25 2,154 TOTAL MARKET VOLUME CURRENT 30D AVG 250D AVG ICE SUGAR 31,819 108,925 87,270 ICE COCOA 2,327 25,242 18,950 ICE COFFEE 3,136 24,930 19,627 * Raw sugar futures for March rose 0.10 cent to 26.04 cents a lb in volume of 3,061 lots, trading in a range of 25.79 to 26.04. May rose 0.12 cent to 24.98 cents a lb. * Cocoa futures for March fell $18 to $2,353 a tonne in volume of 10 lots, trading in a range of $2,352 to $2,355. May rose $10 to $2,354 a tonne. * Arabica coffee futures for March rose 1.90 cents to $2.0390 a lb in volume of 108 lots, trading in a range of $2.0200 to $2.0390. May rose 1.85 cents to $2.0390 a lb. MARKET NEWS * Thomson Reuters analyst Wang Tao's outlook for New York soft commodities: sugar will extend its recent gains to 26.46 cents per lb; cocoa may either hover above a support at $2,306 per tonne or rebound to $2,420, as indicated by a Fibonacci retracement analysis and a bearish target at $1.9780 per lb is unchanged for coffee * Raw sugar futures eased, with March's premium remaining firm, while cocoa steadied following a sharp fall in the previous session and coffee futures edged higher. FUNDAMENTALS * Swiss foods giant Nestle said it will build a major coffee processing plant in Germany with investment totalling 220 million euros ($292.9 million). [ID: nL5E8DO2V2] * India's government issued a notification to mills detailing terms for the export of 1 million tonnes of unrestricted sugar during the 2011/12 season, a trade source told Reuters. [ID: nL5E8DO00M] * The GEPEX group of exporters that accounts for about 55 percent of Ivory Coast's cocoa exports has agreed to end its boycott of auctions, three industry sources told Reuters. * Valid cocoa stocks in NYSE Liffe's nominated warehouses rose slightly to 61,030 tonnes as of Feb. 20 from 59,400 tonnes on Feb. 6, exchange data showed. * Cocoa butter ratios edged down in Asia this week because of declines in European prices, but demand from chocolate makers ahead of Easter helped cushion the fall, dealers said on Friday. * Vietnam robusta beans returned to premiums against Liffe for the first time in at least three weeks as farmers, middlemen and exporters held back stocks, waiting for the London futures to rise further, dealers said on Friday. * Brazil's upcoming 2012/13 coffee harvest should turn out 53.9 million 60-kg bags, exporter Terra Forte said on Thursday, raising its November estimate by 1.4 million bags due to hopes for record robusta production. * China has increased its coffee consumption by about 20 percent a year in recent years, raising speculation about the country's potential impact on global supplies. ECONOMY * U.S. new home sales for January. 10 a.m. EST (1500 GMT) MARKETS * European stocks and 'the euro gained on optimism over global growth but higher oil prices and the euro zone debt crisis tempered the rise. * Gold held on to the week's hefty gains. * Crude oil rose and headed for its fifth straight weekly gain on tension between Iran and the West over the Islamic Republic's nuclear program. (Reporting by Josephine Mason)
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