NEW YORK COCOA

End-of-day quote. End-of-day quote  - 02/20
2939 +0.48%

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.

COCOA

* 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.

COFFEE

* 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.

SUGAR

* 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)

© Reuters 2021
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