* Speculators raise sugar long position as futures rally
* Noncommercials increase cocoa net long for 14th week
NEW YORK Oct 30 Speculators raised their
net long position in raw sugar and cocoa futures and options on
ICE Futures U.S. to their highest since records were first
published seven years ago in the week ended Oct. 15, data showed
They cut their net long position in cotton futures and
options by nearly 20 percent, and reduced their net short
arabica coffee position by 15 percent, the data showed.
Hedge funds and other speculators added 15,225 sugar futures
and options contracts to take their net long to 146,389
contracts, the most bullish bet since records were first
published in 2006, U.S. Commodity Futures Trading Commission
data showed in a delayed report.
This net long position is equivalent to 7.4 million tonnes
of the sweetener, or roughly 18 percent of the total open
interest as of Oct. 15.
The bullish move comes four weeks after speculators shifted
to a net long position after maintaining a year-long net short
position, and as the futures market extended its rally to a
nine-month high on weather concerns in top grower Brazil.
The sugar futures market peaked at a one-year high on
Oct. 18 at 20.16 cents per lb, after large warehouses caught
fire at a Brazilian port and temporarily raised supply concerns.
This data report was originally scheduled for release on
Oct. 18 but was delayed due to the U.S. government shutdown.
The noncommercial dealers increased their net long positions
in cocoa options and futures for the 14th straight week, as the
benchmark cocoa futures contract continued to rise,
reaching a two-year high at $2,770 per tonne. The rally was
spurred by weather concerns in top growing region West Africa
and increasing global deficit forecasts. It has since come off
Speculators raised their net long cocoa position by 1,819
contracts to 62,066 contracts, the highest since records became
available in 2006.
Speculators reduced their net short position in arabica
coffee by 4,713 lots to 27,356 lots, and their net long position
in cotton by 8,538 lots to 36,871 lots, the data showed.