|End-of-day quote - 02/20|
SOFTS-NY cocoa hits 9-month high, sugar and coffee also gain
|11/23/2020 | 07:00pm|
NEW YORK/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, meanwhile, pulled back.
* March New York cocoa settled up $41, or 1.5%, to $2,753 a tonne, 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 settled up 19 pounds, or 1.0%, to 1,835 pounds per tonne.
* March arabica coffee settled down 1 cents, or 0.8%, at $1.1705 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 settled down $8, or 0.6%, at $1,378 a tonne.
* March raw sugar settled down 0.06 cents, or 0.5%, at 15.15 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 fell $1.80, or 0.6%, to $411.50 a tonne.
(Reporting by Maytaal Angel, additional reporting by Jessica Resnick-Ault Editing by David Evans, David Goodman and Richard Chang)