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UPDATE 1-Speculators switch to small bullish stance in ICE raw sugar
December 1, 2017 / 8:50 PM / 17 days ago

UPDATE 1-Speculators switch to small bullish stance in ICE raw sugar

 (Adds CFTC data, milestones, market background)
    Dec 1 (Reuters) - Speculators switched to a net long
position in raw sugar contracts on ICE Futures U.S. in the week
to Nov. 28, while they reduced their bearish stance in arabica
coffee, U.S. Commodity Futures Trading Commission (CFTC) data
showed on Friday.
    They sharply increased their net long position in cotton
futures and options, while they slightly decreased it in cocoa,
the data showed.
    In sugar, the speculators flipped to a small net long
position of 76 contracts, adding 10,528 contracts, CFTC data
showed. This was the first time they held a net long position
since late-April.
    The spot futures contract        rallied to a six-month high
at 15.49 cents per lb as traders focused on increased demand for
cane to be processed into ethanol, before prices turned lower
later in the week.
    In coffee, they cut their net short position by 7,002
contracts to 41,862 contracts, a seven-week low but still within
sight of their record bearish stance of 49,399 contracts reached
in early November.
    The speculators raised their net long position in cotton by
15,551 lots to 66,511 lots, the highest in 11 weeks. They
reduced their net long position in cocoa by a slight 119 lots to
5,446 lots, CFTC data showed.

    
 (Reporting by Marcy Nicholson; Editing by Susan Thomas)
  

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