NY sugar ends at 11-month low, coffee down, cocoa up
April 26 (Reuters) - Raw sugar futures tumbled to close at an 11-month low Thursday, bringing the spread between the spot and the second month to the lowest level in nearly a year. Arabica coffee futures closed down a shade after seesaw dealings as the market consolidated at the lower end of the previous session's volatile range, while U.S. cocoa rose on short-covering. 2:00 PM SETTLE NET PCT LOW HIGH CURRENT CHNG CHNG VOL Sugar MAY 21.32 -0.72 -3.3% 21.28 22.20 21,182 Sugar JUL 21.25 -0.55 -2.5% 21.21 21.96 76,847 Cocoa MAY 2327 25 1.1% 2,303 2,326 11 Cocoa JUL 2272 21 0.9% 2,242 2,289 7,057 Coffee MAY 174.7 -1.25 -0.7% 174.75 176.35 95 Coffee JUL 175.85 -0.9 -0.5% 175.55 178.25 7,603 TOTAL MARKET VOLUME CURRENT 30D AVG 250D AVG ICE SUGAR 140,255 123,002 92,120 ICE COCOA 10,697 28,230 20,159 ICE COFFEE 12,183 29,492 20,744 RAW SUGAR * May raw sugar futures on ICE sank 0.72 cent, or 3.3 percent, to close at 21.32 cents per lb. * Most-active July dropped 0.55 cent, or 2.5 percent, to end at 21.25 cents per lb, the lowest settlement for the second position since May 23, 2011. * Market fell to an 11-month low as players move out of spot contract before Monday expiry - dealers. * May/July spread closed at 7 points, its most narrow since May 13, 2011. * Alex Oliveira, sugar analyst at Newedge USA, said delivery will be small against May. * Traders said July may soon test 20 cents. ARABICA COFFEE * July arabicas dipped 0.90 cent to finish at $1.7585 per lb in an inside day. * Trading was choppy on both sides of unchanged - traders. * Prices consolidated at the lower end of the wide range dealt on Wednesday, when the market tumbled. * Short-covering provided brief moves higher while the expectation for a large crop in top grower Brazil, where the harvest has begun, added pressure - traders. * A sharp, swift drop in coffee prices on Wednesday triggered IntercontinentalExchange Inc's new circuit breaker for the first time since the new system was launched just over two weeks ago to prevent extreme price volatility. COCOA * July cocoa inched up $21, or 0.9 percent, to settle at $2,272 per tonne, an inside day for the second straight day. * Cocoa futures inched higher on support from the strong pound against the U.S. dollar and on short-covering - traders. * Violence in top grower Ivory Coast did not provide market support - traders. * Gunmen killed at least five people in an overnight attack on a border town in southwestern Ivory Coast, humanitarian and military officials said on Wednesday. * Cocoa grindings in Asia rose 5.7 percent to 157,000 tonnes in the first quarter of 2012, compared with the same period last year, the Cocoa Association of Asia said on its website. * ICE Futures U.S. lowered its margin requirements for cocoa, effective Friday. 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)
- Special Report: Thailand secretly supplies Myanmar refugees to trafficking rings |
- The 10 Most Corrupt and Least Corrupt Countries in the World
- NSA gathers data on cellphone locations globally: report
- China's airspace zone has caused apprehension: Biden |
- Obama says he's not allowed iPhone for 'security reasons'