July 12, 2012 / 6:12 PM / 7 years ago

NY cocoa slumps on European data; sugar, coffee end down

July 12 (Reuters) - U.S. cocoa futures tumbled to close down
4.5 percent in heavy volume on Thursday, marking their biggest
percentage drop in 5-1/2 months after European demand data
slumped more than expected.
    Raw sugar and arabica coffee futures also settled weak.

 2:00 PM      SETTLE    NET     PCT      LOW    HIGH  CURRENT
                       CHNG    CHNG                       VOL
 Sugar OCT     22.46  -0.42   -1.8%    22.16   23.04   52,652
 Sugar MAR     22.93  -0.36   -1.6%    22.64   23.44   21,353
 Cocoa JUL      2184   -102   -4.5%      000     000        4
 Cocoa SEP      2189   -103   -4.5%    2,174   2,250   22,507
 Coffee JUL   181.15  -1.55   -0.9%   179.05  182.15       12
 Coffee SEP   182.05  -2.65   -1.4%   178.15  184.75   12,325
 
 TOTAL MARKET              VOLUME          
                CURRENT   30D AVG  250D AVG
 ICE SUGAR       95,958   143,113    94,976
 ICE COCOA       41,215    27,048    21,511
 ICE COFFEE      18,953    28,442    21,907
                                                             
    RAW SUGAR
    * Benchmark October raw sugar futures fell 0.42 cent,
or 1.8 percent, to close at 22.46 cents a lb.
    * Market hit by investor profit-taking - brokers.
    * Weak commodity complex also pressured sweetener.
    * "Sugar was due for a setback," said Sterling Smith,
vice-president of commodity research in Citibank's Institutional
Client Group.
    * Market had touched a near three-month top of 23.05 cents
on Tuesday.
    * Wet weather in Brazil supportive of futures.
    * Market digesting Indian monsoon news. 
                
    ARABICA COFFEE
    * September arabica futures eased 2.65 cents, or 1.4
percent, to close at $1.8205 per lb.
    * Arabica futures dropped along with the commodity complex
while the firm U.S. dollar also added some pressure -
traders.
    * Market gave back recent gains after it had moved near
technically oversold levels on the 14-day relative strength
index.
    * The benchmark contract appeared to be finding support at
the 100-day moving average at $1.7777 per lb.
    * Arabica's premium to Liffe robusta narrowed to around 91
c ents per lb, falling sharply from Wednesday's intraday peak at
99 cents.
    * Brazilian green coffee exports reached 1.63 million bags
in June, down 10 percent from the 1.82 million in the same month
of 2010 - coffee exporters association Cecafe said Wednesday. 
 
        
    COCOA
    * Benchmark September cocoa futures sank $103, or 4.5
percent, to close at $2,189 per tonne, the lowest close since
June 26.
    * This was the second-position's biggest percentage drop in
5-1/2 months.
    * Europe's second-quarter cocoa grind recorded the sharpest
quarterly fall for at least 12 years, dropping 17.8 percent from
the same period last year to 292,551 tonnes - Brussels-based
European Cocoa Association. 
    * The fall was well below expectations, causing heavy
selling throughout the session - traders.
    * "The next quarter is going to be very poor too. That is
the result of physical off-take, or lack of it. The processing
industry in Europe is facing their worst margin ever." - veteran
cocoa dealer in New York.
    * North American second-quarter grind data will be released
July 19 - ICE.
    
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; Editing by
Marguerita Choy)
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