March 20, 2012 / 11:49 AM / 5 years ago

CORRECTED-NY sugar hits 3-week high, cocoa up and coffee off

(Corrects headline and lead to show sugar hit three-week high,
not four-week high)	
    March 20 (Reuters) - Raw sugar futures surged Tuesday to a
three-week high as the market climbed past technical resistance
at its 200-day moving average, while cocoa edged up and arabica
coffee eased in early trade.	
    For news on other financial markets, please click on:   	
      ] 	
    7:39 AM        LAST    NET     PCT      LOW    HIGH  CURRENT	
              TRADE   CHNG    CHNG                       VOL	
Sugar MAY     26.10   0.44    1.7%    25.66   26.20   14,262	
Sugar JUL     24.94   0.39    1.6%    24.50   25.00   14,794	
Cocoa MAY     2,298      9    0.4%    2,285   2,312    1,653	
Cocoa JUL     2,317      4    0.2%    2,310   2,334      484	
Coffee MAR   182.75   0.25    0.1%   182.75  182.75        1	
Coffee MAY   182.80   -0.7   -0.4%   182.65  183.25      453	
	
TOTAL MARKET              VOLUME          	
               CURRENT   30D AVG  250D AVG	
ICE SUGAR       50,535   113,650    88,516	
ICE COCOA        3,144    23,774    19,013	
ICE COFFEE         653    24,502    19,769	
	
    * Raw sugar futures for May rose 0.44 cent to 26.10
cents a lb in volume of 14,262 lots, trading in a range of 25.66
to 26.20. July rose 0.39 cent to 24.94 cents a lb.	
    * Cocoa futures for May rose $9 to $2,298 a tonne in
volume of 1,653 lots, trading in a range of $2,285 to $2,312.
July rose $4 to $2,317 a tonne.	
    * Arabica coffee futures for May fell 0.70 cent to
$1.8280 a lb.	
        	
    MARKET NEWS 	
    * Thomson Reuters technician Wang Tao's outlook for New York
soft commodities: raw sugar is due for a correction, arabica
coffee is biased to fall and head toward $1.7425/lb, and cocoa
should climb toward $2,373/tonne. 	
    * For more details in the daily softs market report, please
click on: 	
        	
    FUNDAMENTALS   	
    * State-run Thai Cane and Sugar Corp will issue a tender
next week to sell 79,333 tonnes of raw sugar for the 2012/13
crop. 	
    * Thailand, the world's No. 2 exporter of sugar, will
produce a record 10 million tonnes of the sweetener in the
2011/12 season, putting pressure on premiums as inventory
builds. 	
    * Thai raw sugar premiums fell to a 3-week low at 40 points
over New York raw sugar futures as the crushing season is likely
to last beyond April due to a record crop. 	
    * Indian traders have struck deals to export 60,000 tonnes
of raw sugar to Iran for March-April delivery. 	
    * Kenya cut short a two-week suspension of its weekly coffee
auctions as it resumed trade to safeguard the interests of local
farmers. 	
    	
    ECONOMY	
    * No major economic data.	
         	
    MARKETS 	
    * The euro eased along with European stocks as investors
eyed talks between Italy's government and unions on reforms
aimed at turning around its economy. 	
    * Gold was pressured by a brightening U.S. economic outlook.
 	
    * Crude fell on signs of increased supply from Saudi Arabia,
a return to pre-war export levels from Libya, a slowdown in
Chinese demand and a stronger dollar. 	
   	
	
 (Reporting by Rene Pastor; Editing by Alden Bentley)

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