Sept 6 (Reuters) - Raw sugar futures trading on ICE Futures
U.S. closed at a two-year low on Thursday, after turning lower
late in the session on a flurry of late-day selling.
U.S. cocoa futures extended their rally and finished at a
10-month high on a lack of producer selling and on-going weather
concerns in the main growing region West Africa, while arabica
coffee closed at an eleven-week low.
The sugar and coffee markets ignored the European Central
Bank's announcement for a new bond buying program to solve the
euro zone debt crisis, which helped lift U.S. corn and wheat
futures, as well as crude oil.
2:00 PM SETTLE NET LOW HIGH CURRENT
CHNG VOL
Sugar OCT 18.87 -0.14 18.81 19.27 54,833
Sugar MAR 19.52 -0.21 19.48 19.90 42,255
Cocoa SEP 2744 42 2,735 2,735 6
Cocoa DEC 2691 37 2,656 2,707 17,170
Coffee SEP 157.9 -2.55 157.10 161.90 14
Coffee DEC 158.2 -2.40 156.55 162.75 19,011
TOTAL MARKET VOLUME
CURRENT 30D AVG 250D AVG
ICE SUGAR 122,320 87,914 96,769
ICE COCOA 27,910 24,681 22,118
ICE COFFEE 27,728 22,599 22,139
RAW SUGAR
* ICE October futures fell 0.14 cent, or 0.8 percent,
to settle at 18.87 cents per lb, the lowest settlement for the
spot contract since August 2010.
* The spot contract was slightly firmer for most of the
session but turned lower ahead of the settlement window on a
wave of late-day selling as the market remained in its downtrend
- traders.
* The move pushed the spot contract into technically
oversold levels, falling just below 28 on the 14-day relative
strength index.
* Position rolling out of the October contract, ahead of its
expiry at the end of the month, into March, continued - traders.
* Volume soared to 139,968 lots on Sept. 5, the highest
since July 5 - ICE data.
* Total open interest fell by 5,550 lots to 722,655 lots -
ICE data.
* There are 68 ships in the lineup waiting to load sugar in
Brazil during the peak of the cane harvest, Williams shipping
agents said on Thursday, up from 58 a week earlier when the
lineup had lightened significantly.
ARABICA COFFEE
* Benchmark December arabica futures on ICE eased
down 2.40 cents, or 1.5 percent, to close at $1.5820 per lb, the
lowest settlement since June 20.
* Market continued to feel pressure from the steady rise in
ICE certified arabica coffee stocks - traders.
* ICE certified stocks jumped by 9,225 bags to 1,982,668
bags on Sept. 5, the highest since August 2010 - ICE data.
* Total open interest dropped by 2,156 lots to 141,009 lots
by Sept. 5, the highest since June 20 - ICE data
* Brazil's 2012/13 coffee crop will turn out a record 50.5
million 60-kg bags, government crop supply agency Conab said,
holding to the forecast it gave in May.
COCOA
* ICE December cocoa futures closed up $37, or 1.4
percent, at $2,691 per tonne, the highest settlement since Nov.
7, 2011. The market has climbed more than 13 percent in the past
two weeks.
* Total open interest hit a record high at 202,083 contracts
on Sept. 5, exceeding the typically larger Liffe cocoa open
interest at 201,725 contracts, exchange data showed.
* The market extended its gains, having risen more than 13
percent in the past two weeks.
* A lack of producer selling and continued speculative
buying lifted the market - traders.
* The U.S. government forecaster has tempered its outlook
for El Nino, saying in its monthly report on Thursday that the
feared El Nino phenomenon will be weaker than previously
expected.
For related news and prices, click on the codes in brackets:
Sugar futures/spreads Sugar cash prices
Coffee futures/spreads Coffee cash prices
Cocoa futures/spreads Cocoa cash prices
RELATED NEWS AND OTHER TOPICS
All sugar news All coffee news
All cocoa news All softs news
All commodities news Softs diary
Weather news Foreign exchange rates
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