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Softs-Cocoa Pulls Back From Six-Week Highs; Arabica Coffee Climbs

Zoom in font  Zoom out font Published: 2018-12-24
Core Tip: Cocoa futures on ICE fell on Thursday, erasing the prior session’s gains when they hit six-week highs, while the Brazilian real boosted arabica coffee prices and lower oil prices pressured raw sugar.
Cocoa futures on ICE fell on Thursday, erasing the prior session’s gains when they hit six-week highs, while the Brazilian real boosted arabica coffee prices and lower oil prices pressured raw sugar.

Cocoa * March New York cocoa settled down $46, or 2 percent, at $2,271 per tonne, after rising 2 percent in the previous session. * “We need to close above $2,290 for a couple more days to get convinced that the trend in cocoa has changed,” one U.S. trader said. The $2,290 level represents a 62 percent Fibonacci retracement in the March contract from the Nov. 7 high of $2,410 to the Dec. 5 low of $2,095, the trader noted. * March London cocoa settled down 24 pounds, or 1.4 percent, at 1,685 pounds per tonne as the pound strengthened. * “With the thin trading conditions, moves in cocoa have certainly been more magnified than is perhaps justified,” said one European dealer. * Still, market participants continued to monitor the weather in West Africa amid worries that excessive dryness during the annual Harmattan could curb output

Coffee * March arabica coffee settled up 1.65 cent, or 1.6 percent, at $1.025 per lb. * Prices were supported by a rally in the currency of top-producer Brazil. * A stronger currency discourages producer selling by reducing local returns on dollar-traded commodities like coffee and sugar. * Prices hit a three-month low of 99.20 cents on Tuesday. Since then, they have recovered from technically oversold conditions on the relative strength index. * Brazil is expected to produce 63.7 million 60-kilo bags of coffee in 2018-19 season, up over 5 percent on a previous estimate, consultancy Safras & Mercados said. * March robusta coffee settled up $17, or 1.13 percent, at $1,524 per tonne.

Sugar * March raw sugar settled down 0.04 cent, or 0.3 percent, at 12.43 cents per lb. * Prices have closed lower in four of the past five sessions, and on Tuesday fell to a 2-1/2-month low of 12.26 cents per lb. * Brazil’s center-south region crushed 12.6 million tonnes of cane in the first half of December, producing 408,300 tonnes of sugar, industry group UNICA said on Thursday. * Crushing in Brazil’s main sugarcane producing region for the 2019-20 season should roughly match this year’s production, as planted area shrinks but yields improve, analysts said. * March white sugar settled down $1.60, or 0.5 percent, at $339.40 per tonne.
 
 
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