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NY cocoa and coffee surge, sugar meanders upward
April 24, 2012 / 6:51 PM / 5 years ago

NY cocoa and coffee surge, sugar meanders upward

April 24 (Reuters) - U.S. cocoa futures surged on Tuesday,
closing higher on short-covering but paring gains after hitting
a four-month peak, while arabica coffee also settled higher.	
    Raw sugar futures closed up a shade, getting a lift from the
firm commodity complex but hesitant to venture too far above the
previous session's 11-month low as ample supplies were believed
to be in the pipeline.	
 2:37 PM      SETTLE    NET     PCT      LOW    HIGH  CURRENT
                       CHNG    CHNG                       VOL
 Sugar MAY        22   0.09    0.4%    21.91   22.21   13,565
 Sugar JUL     21.61   0.07    0.3%    21.52   21.82   43,400
 Cocoa MAY      2325     80    3.6%    2,269   2,338       53
 Cocoa JUL      2284     80    3.6%    2,192   2,312   17,343
 Coffee MAY    182.5    4.8    2.7%   178.45  183.00      113
 Coffee JUL    183.5   4.55    2.5%   179.00  184.50   12,677
 TOTAL MARKET              VOLUME          
                CURRENT   30D AVG  250D AVG
 ICE SUGAR       85,784   123,011    92,238
 ICE COCOA       26,990    27,897    20,071
 ICE COFFEE      18,604    29,748    20,706
    * May raw sugar futures on ICE rose 0.09 cent to
close at 22.00 cents per lb.	
    * Most-active July finished up 0.07 cent at 21.61
cents per lb, an inside session.	
    * Market climbed on broad-based commodity buying but gains
were limited as supplies are seen as ample - traders.	
    * Global sugar surplus is likely to halve to 3 million
tonnes in 2012/13 as key producers are unlikely to increase
their output to meet a 2 percent rise in annual demand
-International Sugar Organization 	
    * Brazil's world-leading sugarcane belt will get widespread
rain later this week that will help to speed growth in much of
the main center-south crop that dry weather in February and
March had stunted - Somar. 	
    * July arabicas closed up 4.55 cents, or 2.5 percent,
at $1.8350 per lb.	
    * Volume remained thin after the May contract's first
notice day on April 20.	
    * Arabica futures got an initial boost from spillover
support on the commodity complex and the weak U.S. dollar -
    * Market extended its gains on short-covering that helped to
lift it further away from last week's 18-month low at $1.7390
per lb.	
    * German coffee sales fell by about 1.1 percent in 2011, as
demand for traditional filter coffee remained sluggish, but
enthusiasm for new drinks made from the commodity helped to
offset the fall - Germany's coffee industry association.  
    * July cocoa jumped $80, or 3.6 percent, to settle at
$2,284 per tonne.	
    * July soared 4.9 percent to an intraday four-week high at
$2,312 per tonne.	
    * The contract surged through the 40-day moving average at
$2,342 and the 100-day moving average at $2,339, after the two
levels crossed paths, creating resistance.	
    * When July breached the key moving averages, a flood of
short-covering hit the market - traders.	
    * The market also got its initial support higher from the
broad-based buying in commodities - traders.	
    * Hershey Co posted a higher-than-expected
first-quarter profit, helped by price increases, and raised its
full-year outlook, sending the candy maker's shares up more than
5 percent. 	
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    	
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; editing by Jim Marshall)

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