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NY coffee sinks to new low, sugar and cocoa easier
March 12, 2012 / 11:36 AM / 6 years ago

NY coffee sinks to new low, sugar and cocoa easier

March 12 (Reuters) - Arabica coffee futures fell Monday to its lowest in 17 months given the prospect of a record global crop, with raw sugar and cocoa also down with the weak tone of other financial markets.

For news on other financial markets, please click on:

] 7:23 AM LAST NET PCT LOW HIGH CURRENT

TRADE CHNG CHNG VOL Sugar MAY 23.48 -0.18 -0.8% 23.45 23.67 7,390 Sugar JUL 22.67 -0.11 -0.5% 22.64 22.80 4,974 Cocoa MAY 2,389 -21 -0.9% 2,370 2,398 777 Coffee MAY 183.40 -2.8 -1.5% 182.50 185.75 1,866 TOTAL MARKET VOLUME

CURRENT 30D AVG 250D AVG ICE SUGAR 13,922 113,650 88,516 ICE COCOA 1,076 23,774 19,013 ICE COFFEE 2,952 24,502 19,769

* Raw sugar futures for May fell 0.18 cent to 23.48 cents a lb in volume of 7,390 lots, trading in a range of 23.45 to 23.67. July fell 0.11 cent to 22.67 cents a lb.

* Cocoa futures for May fell $21 to $2,389 a tonne.

* Arabica coffee futures for May fell 2.80 cents to $1.8340 a lb.

MARKET NEWS

* For more details in the daily softs market report, please click on:

FUNDAMENTALS

* Colombia’s coffee production in February fell 25 percent from a year earlier to 571,000 60-kg bags, the 11th consecutive monthly decline, due to continued heavy rains.

* Top robusta producer Vietnam could unload more beans in the physical market this week on worries that London futures may fall further because of the prospect of a record global crop.

* The number of ships waiting to load sugar doubled at Brazil’s ports in the last week as trading house Cargill takes delivery of part of the sugar delivered when the March raw sugar contract expired last month.

* Ivory Coast cocoa exporter SAF CACAO has delayed plans to expand its grinding capacity for when the government’s cocoa reform has been fully implemented in the 2012/13 (October/September) season.

ECONOMY

* China posted a $31.5 billion trade deficit in February, flipping a $27.3 billion January surplus on a 39.6 percent expansion in imports and an 18.4 percent export rise.

MARKETS

* Improving U.S. economic data buoyed the dollar but shares and commodities gave up gains on fretting about Asia slowing and Europe’s debts and scant growth.

* Oil prices snapped four days of gains on worries over Middle East supplies and the health of the global economy and fuel demand.

* Gold edged lower as the U.S. dollar rallied to the highest in more than a month.

Reporting by Rene Pastor; Editing by Alden Bentley

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