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SOFTS-NY cocoa hits 9-month high; sugar and coffee also gain

11/23/2020 | 10:18am

LONDON, Nov 23 (Reuters) - New York cocoa hit a nine-month high on Monday as funds continued to buy given tightness in nearby supplies in the physical and futures markets, where stocks are falling.

Sugar and coffee also rose.


* March New York cocoa rose $38, or 1.4%, to $2,747 a tonne by 1507 GMT, after hitting the highest level since late February at $2,774.

* Data showed ICE Futures U.S. certified stocks remain low at 209,461 60kg bags as of Nov. 20, versus 310,446 bags a year earlier.

* The decline in stocks has sparked huge premiums for the December contract <CC-1=R> versus March, hurting those who had to close out short positions.

* The tightness has come about in part as U.S. chocolate maker Hershey Co positioned itself to receive a sizeable amount of cheap cocoa from ICE Futures U.S.

* New York cocoa speculators switched to a net long of 1,818 contracts in the week to Nov. 17, adding 8,094 contracts, CFTC data showed. * Dealers said funds still have plenty of buying firepower, given their relatively small net long position.

* March London cocoa was up 13 pounds, or 0.7%, at 1,829 pounds a tonne.


* March arabica coffee rose 0.9 cents, or 0.8%, to $1.1895 per lb, having slid by 4% on Friday in a retreat from Thursday's two-month high.

* Arabica remains under pressure from this season's record crop in top producer Brazil as fears over adverse weather receded slightly.

* Arabica speculators switched to a net long of 7,623 contracts in the week to Nov. 17, adding 7,927 contracts, CFTC data showed.

* January robusta coffee rose $5 or 0.4% to $1,391 a tonne.


* March raw sugar was up 0.08 cents, or 0.5%, at 15.29 cents per lb, having hit 15.66 cents last week for its highest since mid-February.

* Sugar remains underpinned by damage to Central America cane fields and a low Indian exports as the market awaits news from Delhi on export subsidies for this season.

* March white sugar rose $2.50, or 0.6%, to $415.80 a tonne. (Editing by David Evans and David Goodman )

© Reuters 2021
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