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NY sugar sinks to 2-1/2-month low, coffee down, cocoa up
August 21, 2012 / 6:22 PM / in 5 years

NY sugar sinks to 2-1/2-month low, coffee down, cocoa up

Aug 21 (Reuters) - Raw sugar futures closed down 3.5 percent
on Tuesday, tumbling below the key level of 20 cents per lb for
the first time in 2-1/2 months as investors and producers sold.
    Arabica coffee finished down a shade, turning lower in
consolidative dealings and ignoring the session's firm trend in
the commodity complex, while U.S. cocoa was firm.
 2:10 PM      SETTLE    NET     PCT      LOW    HIGH  CURRENT
                       CHNG    CHNG                       VOL
 Sugar OCT     19.78  -0.69   -3.4%    19.75   20.50   57,278
 Sugar MAR     20.53   -0.6   -2.8%    20.50   21.22   26,605
 Cocoa SEP      2473     -2   -0.1%    2,450   2,497      101
 Cocoa DEC      2433     13    0.5%    2,394   2,453    8,910
 Coffee SEP   160.65  -0.65   -0.4%   160.55  162.50    4,602
 Coffee DEC    164.2   -0.5   -0.3%   163.90  166.15   11,318
 TOTAL MARKET              VOLUME          
                CURRENT   30D AVG  250D AVG
 ICE SUGAR      105,551    91,392    96,351
 ICE COCOA       11,333    24,828    21,818
 ICE COFFEE      19,606    23,944    22,101
    * Benchmark October raw sugar futures dropped 0.72
cent, or 3.5 percent, to 19.78 cents a lb, the spot contract's
lowest settlement since June 7. 
    * The October/March spread settled at a 0.75-cent discount,
compared with 0.67 cent the previous session.
    * Despite a firm trend on the commodity complex, sugar
tumbled due to selling by investors and producers - traders.
    * "The Brazilians surpassed their crush from last year. You
had some bottom-pickers yesterday (but) today we didn't get any
follow-through buying." - Nick Gentile, chief trader at Atlantic
Capital Advisors in Jersey City.
    * Sell-stops were triggered after falling below key support
at 20 cents, boosting the session's volume - traders.
    * Total open interest climbed by 6,981 lots to 688,830 on
Aug. 20, the highest since June 29 - ICE data 
    * December arabica futures inched down 0.35 cent to
finish at $1.6420 a lb.
    * The market was supported for most of the session by the
weak U.S. dollar - traders.
    * Coffee futures turned lower in consolidative dealings,
following their recent down trend - traders.
    * ICE certified arabica stocks inched up by 3,271 bags to
1,858,300 bags by Aug. 20, the highest since September 2010,
with a hefty 117,681 bags pending grading. 
    * Coffee exports from Central America, Mexico, Colombia,
Peru and the Dominican Republic rose 49.6 percent in July
compared with a year earlier, reaching 2.9 million 60-kg bags
for the month - ANACAFE. 
    * Benchmark December cocoa futures rose $25, or 1
percent, to settle at $2,433 per tonne, remaining below last
week's nine-month high of $2,501. 
    * Cocoa market climbed in an inside session, with a lift
from the strong pound against the U.S. dollar and firm
commodity complex that felt a lift on risk-on buying - traders.
    * Lindt & Spruengli  expects cautious
consumers to forsake gourmet chocolate as the euro zone crisis
drags on, the company said as it reported first-half net profit
slightly short of expectations. 
    * Cocoa farmgate prices in most of Ivory Coast's main
growing regions were stable to lower last week due to high
levels of moisture and mold caused by weeks of bad weather -
farmers, buyers. 
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 David Gregorio)

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