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NY coffee ends up 4.4 pct, sugar and cocoa rise
June 26, 2012 / 6:12 PM / 5 years ago

NY coffee ends up 4.4 pct, sugar and cocoa rise

June 26 (Reuters) - Arabica coffee futures soared 4.4
percent to settle at a four-week peak Tuesday after
short-covering was triggered when prices hit last week's high.
    Raw sugar settled firmer following July/October spreading
and U.S. cocoa futures ended higher.

 2:06 PM      SETTLE    NET     PCT      LOW    HIGH  CURRENT
                       CHNG    CHNG                       VOL
 Sugar JUL     20.53   0.23    1.1%    20.25   20.67   22,355
 Sugar OCT     20.23    0.3    1.5%    19.90   20.36   52,993
 Cocoa JUL      2149     62    3.0%    2,102   2,149       51
 Cocoa SEP      2149     47    2.2%    2,118   2,165    8,142
 Coffee JUL    165.4    6.7    4.2%   157.35  165.30      185
 Coffee SEP   165.75      7    4.4%   157.00  166.35   17,060
 TOTAL MARKET              VOLUME          
                CURRENT   30D AVG  250D AVG
 ICE SUGAR      104,125   129,549    94,280
 ICE COCOA       15,108    26,656    21,212
 ICE COFFEE      22,791    29,213    21,647
    * Spot July raw sugar futures climbed 0.23 cent, or
1.1 percent, to end at 20.53 cents a lb.
    * October rose 0.30 cent, or 1.5 percent, to settle
at 20.23 cents per lb.
     * Market moved up on talk of delays in the center-south
harvest in top producer/exporter Brazil.
    * Plentiful rains hindered the cane harvest of the
center-south region, the world's premier sugar growing area. The
wet  weather has also hampered loading of ships in the two main
ports of Santos and Paranagua.
    * Players braced for spot July going off the board at the
end of the week. 
    * "We are trying to roll out everything," said The Price
Group analyst Jack Scoville.
    * Spreads also dominated business.
    * The spot month-second position spread stood at a recent
high of 0.87 cent on June 18. It has since dropped by almost 60
percent to 0.37 cent on June 25. On Tuesday, the spread was at
0.33 cent.
    * September arabica futures closed up 7 cents, or 4.4
percent, at $1.6575 per lb, the highest settlement since May 30.
    * The market rallied, extending its 2 percent gains from
Monday, after hitting last week's high at $1.6150 per lb, basis
September - traders.
    * The technical level triggered a wave of short-covering,
which was then followed by fresh buying - traders.
    * Volume was below average, allowing the market to climb
    * More than 100 people were missing and about 30 confirmed
killed in eastern Uganda's coffee growing region, after a
landslide on Monday buried villages on the slopes of Mount
    * September cocoa futures settled up $47, or 2.2
percent, at $2,149 a tonne.
    * Firm sterling against the U.S. dollar helped to
lift the market - traders.
    * Gains were capped by the expectation that No. 2 grower
Ghana still needs to sell - traders.
    * The slow start to Ivory Coast's midcrop due to dry
weather, helped support the market - traders.
    * Cocoa farmgate prices in Ivory Coast's cocoa-growing
regions fell last week after humid conditions following heavy
rains affected the quality of beans, prompting buyers to stay
away - farmers, buyers. 
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    

 (Reporting by Marcy Nicholson and Rene Pastor)

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