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CORRECTED-NY sugar and coffee close at multi-week highs
July 2, 2012 / 6:36 PM / 5 years ago

CORRECTED-NY sugar and coffee close at multi-week highs

(Corrects coffee in first paragraph to six-week high, from
    July 2 (Reuters) - ICE raw sugar futures closed at their
highest level in two months on Monday, lifted by concerns about
nearby supply tightness, while arabica coffee ended at a
six -week hig h on short-covering.
    U.S. cocoa futures settled down a shade following a choppy
session, as the softs complex largely ignored the weak trend in
the commodity complex. 
 2:00 PM      SETTLE    NET     PCT      LOW    HIGH  CURRENT
                       CHNG    CHNG                       VOL
 Sugar OCT      21.4   0.39    1.9%    21.03   21.59   54,066
 Sugar MAR     21.77   0.27    1.3%    21.49   21.94   28,960
 Cocoa JUL      2282     -7   -0.3%    2,260   2,290       12
 Cocoa SEP      2290     -1    0.0%    2,261   2,311   12,931
 Coffee JUL    174.3    4.2    2.5%   172.50  172.95       17
 Coffee SEP    174.6    3.9    2.3%   169.70  174.90   12,974
 TOTAL MARKET              VOLUME          
                CURRENT   30D AVG  250D AVG
 ICE SUGAR      101,613   138,550    94,574
 ICE COCOA       24,419    26,877    21,251
 ICE COFFEE      20,369    29,072    21,670
    * Benchmark October raw sugar futures settled up 0.39
cent, or 1.9 percent, to finish at 21.40 cents a lb, its highest
settlement since April 30.
    * Market was lifted by continued delays at Brazilian ports
due to recent rains which caused harvest delays and near-term
supply tightness - traders.
    * Raw sugar deliveries at the expiration of the July sugar
contract reached 21,737 lots, or 1.1 million tonnes, a
three-year high - ICE data. 
    * Copersucar S.A., a top sugar and ethanol producer in
Brazil, said it was buying sugar, an exceptionally rare move
that has not been seen in at least 50 years, after rainy weather
delayed harvest and shipping - industry sources. 
    * Cargill said it will take delivery of 878,781 tonnes, or
17,298 lots, of raw sugar. 
    * Speculators lifted their net long position in sugar
futures and contracts by 7,734 lots to a two-month high at 9,721
lots, in the week to June 26 - U.S. Commodity Futures Trading
Commission (CFTC) data Friday. 
    * This data provided some support to the market - traders.
    * September arabica futures jumped 3.90 cents, or 2.3
percent, to finish at $1.7460 per lb, its highest settlement
since May 22.
    * September closed above the 60-day moving average for the
first time since January.
    * Market was lifted by short-covering - traders.
    * "We still have a large gross short position in the coffee
market and that has a lot to do with why the market is steady."
- Nick Gentile, chief trading officer of commodity fund Atlantic
Capital Advisors in New Jersey.
    * Speculators trimmed their net short position in arabica
futures and options by a marginal 474 lots to 21,341 lots - CFTC
data Friday.
    * "I think we've probably found the short-term bottom." -
    * The benchmark contract has climbed over the past two weeks
after hitting a two-year low at $1.5010 per lb.
    * September cocoa futures closed down $1 at $2,290 a
    * September closed above the 100-day moving average at
$2,269 per tonne for the second straight session.
    * The market was choppy and underpinned by the slow start to
West African mid crops and advanced forward sales in top
producer Ivory Coast that reached 830,000 tonnes of the
country's 2012/13 crop, more than many had expected.
    * The weak sterling added slight pressure - traders.
    * More sun is needed to strengthen the development of Ivory
Coast's 2012/13 main cocoa crop, which was helped by abundant
rainfall last week in most regions - farmers, analysts.
    * Cocoa arrivals at ports in top grower Ivory Coast are down
3.7 percent year-on-year at 1,238,000 tonnes by July 1, compared
with 1,285,716 tonnes in the same period of the previous season
- exporters' estimates. 
    * Speculators raised their net short position in cocoa
futures and options by 3,048 lots to 19,711 lots, in the week to
June 26 - CFTC.
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; editing by Jim Marshall)

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