|End-of-day quote - 02/20|
SOFTS-NY cocoa surges to new 9-month top; sugar, coffee gain
|11/23/2020 | 08:41am|
LONDON, Nov 23 (Reuters) - New York cocoa hit a new 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 $42, or 1.5%, to $2,754 a tonne by 1319 GMT, after hitting $2,774, the highest since late February.
* Data showed ICE Futures U.S. certified stocks remain low at 209,461 60-kg bags as of Nov. 20, versus 310,446 bags this time a year ago.
* The stocks fall 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 8 pounds, or 0.4%, at 1,824 pounds a tonne.
* March arabica coffee rose 1.1 cents, or 0.9%, to $1.1915 per lb, having collapsed 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 $8 or 0.6% to $1,393 a tonne.
* March raw sugar was down 0.2 cent, or 1.1%, to 15.38 cents per lb, having hit 15.66 cents on Tuesday, its highest since mid-February.
* Sugar remains underpinned by damage to Central America cane fields and a dearth of Indian exports as the market awaits news from Delhi on export subsidies for this season.
* March white sugar rose $3.50, or 0.9%, to $416.80 a tonne. (Editing by David Evans)