NY coffee and sugar sink, cocoa climbs to end up
April 16 (Reuters) - Arabica coffee futures tumbled to close at a 1-1/2-year low on Monday, on follow-through weakness, while raw sugar finished at a four-month low on May/July spread dealing. U.S. cocoa futures defied the weak trend in the commodity complex and closed higher as the market's inversion widened ahead of the May contract's first notice day Tuesday. 2:00 PM SETTLE NET PCT LOW HIGH CURRENT CHNG CHNG VOL Sugar MAY 22.9 -0.47 -2.0% 22.85 23.43 45,858 Sugar JUL 22.31 -0.5 -2.2% 22.26 22.85 55,579 Cocoa MAY 2300 52 2.3% 2,222 2,307 3,078 Cocoa JUL 2226 26 1.2% 2,162 2,242 11,479 Coffee MAY 174.7 -4.5 -2.5% 172.65 180.00 13,407 Coffee JUL 175.85 -4.35 -2.4% 173.90 181.35 23,118 TOTAL MARKET VOLUME CURRENT 30D AVG 250D AVG ICE SUGAR 141,085 110,111 90,669 ICE COCOA 19,496 26,853 19,788 ICE COFFEE 47,826 27,894 20,430 RAW SUGAR * May raw sugar futures on ICE sank 0.47 cent, or 2 percent, to end at 22.90 cents a lb, the lowest settlement since Dec. 15 for the spot contract. * Market tumbles on switch trade, investor sales - brokers. * Newedge analyst Mike McDougall said large delivery in white sugar market underscores bumper supplies in sugar. * India was the top deliverer against the expired May white sugar contract in London for first time since 2008. * Imminent start of Brazil center-south cane harvest keeping market on defensive. ARABICA COFFEE * July arabicas tumbled 4.35 cents, or 2.4 percent, to settle at $1.7585 per lb, the weakest close for the second position since Oct. 2010. * July contract broke out of its month-long trading range of $1.77-$1.95. * May/July spreading continued ahead of the May contract's first notice day Friday, significantly boosting volume - traders. * May/July spread closed at 1.15 cents, from 1 cent on Friday. * Market dropped on follow-through weakness after turning sharply loewr late in the session on Friday - traders. * Computer-driven speculative selling seen pressuring the market - traders. * Speculators raised their net short position by a small 738 lots to 18,292 lots in the week ended April 10 - Commodity Futures Trading Commission (CFTC) data. COCOA * July cocoa rose $26, or 1.2 percent, to settle at $2,226 per tonne. * The May/July spread remained wound down ahead of the May contract's first notice day on Tuesday. * The spread continued to widen, closing at a $74 premium from $48 on Friday. * "We saw quite a bit of buying, less interest in selling at the moment, that's why you're seeing that premium." - Spencer Patton, founder and chief investment officer of Steel Vine Investment in Chicago. * The market was choppy, following the pound against the U.S. dollar lower earlier and then turning higher together - traders. * "We've seen shorts definitely get squeezed a little bit because they couldn't break below the $2,050 mark (basis July). All those attempts were stopped." - Patton. * Some earlier pressure also came from cocoa grindings in Malaysia fell 8.4 percent to 74,562 tonnes in the first quarter of 2012 compared with the same period last year - Malaysian Cocoa Board. * Cocoa purchases declared to Ghana's sector body Cocobod reached 717,171 tonnes by March 22 since the start of the 2011/2012 season last October, Cocobod sources said, amid fears of a production shortfall. * Speculators raised their net short position in U.S. cocoa futures and options to the biggest on record - CFTC data. For related news and prices, click on the codes in brackets: Sugar futures/spreads Sugar cash prices Coffee futures/spreads Coffee cash prices Cocoa futures/spreads Cocoa cash prices RELATED NEWS AND OTHER TOPICS All sugar news All coffee news All cocoa news All softs news All commodities news Softs diary Weather news Foreign exchange rates SPEED GUIDES (Reporting by Marcy Nicholson and Rene Pastor;editing by Sofina Mirza-Reid)
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'
- Four dead in apparent Connecticut murder-suicide
- South Korea expands air defense zone to partially overlap China's |
- Singer Susan Boyle reveals she has Asperger's syndrome: paper
- Winter storm pushes up U.S. East Coast after deep-freeze in the South