March 20, 2012 / 6:12 PM / 5 years ago

NY cocoa ends up 3.6 pct, sugar falls from 3-wk top

March 20 (Reuters) - U.S. cocoa futures soared on Tuesday,
closing up more than 3 percent on concerns about the falling
quality of beans in top grower Ivory Coast and rising above
previous technical resistance.	
    Raw sugar closed lower after hitting a three-week high,
while arabica coffee futures ended up a shade.	
    	
 2:00 PM      SETTLE    NET      PCT      LOW    HIGH   CURRENT
                        CHNG    CHNG                       VOL
 Sugar MAY     25.61   -0.05   -0.2%    25.38   26.20   54,457
 Sugar JUL     24.56    0.01    0.0%    24.33   25.00   44,228
 Cocoa MAY      2372      83    3.6%    2,285   2,388   13,447
 Cocoa JUL      2394      81    3.5%    2,310   2,412    3,641
 Coffee MAR    183.1     0.6    0.3%   182.75   185.10       5
 Coffee MAY    183.6     0.1    0.1%   182.35   185.50    9,210
 
 TOTAL MARKET              VOLUME
                 CURRENT   30D AVG   250D AVG
 ICE SUGAR      143,927   115,660     89,227
 ICE COCOA       22,634    23,917     19,216
 ICE COFFEE      16,551    24,441     19,868
 
    RAW SUGAR  
    * May raw sugar futures inched down 0.05 cent to
settle at 25.61 cents a lb.	
    * Market hit by producer sales after touching 3-week high -
brokers.	
    * Sugar advance fueled by initial commercial and fund buying
- traders said.	
    * May contract goes past 200-day moving average at 26.10
cents, but could not generate follow-through momentum. 	
    * Market supported also by worries Brazil's center-south
cane crop may see lower-than-expected output and dry weather.	
    
    ARABICA COFFEE
    * May arabicas finished up 0.10 cent to close at
$1.8360 per lb.	
    * Arabica futures saw choppy dealings, remaining little
changed throughout the session.	
    * Market remained at technically oversold levels, where it
has been for more than two weeks, on the 14-day relative
strength index.	
    * Some roaster buying helped prevent deeper losses while
light long liquidation added some pressure as the market
remained rangebound after falling to a 17-month low early last
week - traders.	
    * ICE certified arabica stocks dropped by 700 bags to
1,550,479 bags, with 3,289 bags pending grading - ICE data.	
    	
    COCOA
    * May cocoa contract jumped $83, or 3.6 percent, to
finish at $2,387 per tonne.	
    * Cocoa futures jumped on short-covering, as market
participants expressed concern about the falling quality of
beans in Ivory Coast - traders.	
    * Exporters in Ivory Coast said on Monday, they were
concerned by the rise in the level of Free Fatty Acids (FFA) in
the cocoa arriving at the ports there because of the small size
and poor quality of beans as a result of a prolonged four-month
drought. 	
    * The benchmark May contract initially felt technical
resistance around the 100-day moving average at $2,350, but
extended its gains above the level late in the session -
traders.	
    * Farmgate cocoa prices in Ivory Coast's growing regions
fell further last week as buyers showed little interest in the
mostly poor quality beans from farms - farmers, buyers.  
 	
    	
	
 (Reporting by Marcy Nicholson and Rene Pastor)

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