SOFTS-Arabica coffee lower as stocks appear unscathed by Sandy

Tue Oct 30, 2012 6:22pm GMT
 

* Camden International says its 9 cocoa warehouses not damaged by storm

* Indonesia's robusta production seen up 13 percent y/y

* Sugar seen heading lower as Brazil harvest continues (New throughout, updates prices; adds analyst comment, second byline/dateline)

By Marcy Nicholson and Clare Hutchison

NEW YORK/LONDON, Oct 30 (Reuters) - Arabica coffee futures turned lower on Tuesday, giving back the previous session's gains, as many traders believed exchange stocks in U.S. East Coast warehouses were unscathed by Hurricane Sandy, one of the biggest storms ever to hit the region.

ICE cocoa futures briefly surged over 4 percent in what dealers called speculative activity. Raw sugar futures were slightly higher, with ample supplies continuing to cap upside potential.

Arabica coffee slipped, giving back gains made late in the previous session when fears emerged that the massive storm may have damaged some of the 400,000 60-kg bags of exchange stocks stored in the New York/New Jersey area.

Sandy roared ashore with fierce winds and heavy rain on Monday near the gambling resort of Atlantic City, New Jersey, forcing evacuations, shutting down transportation and interrupting the presidential campaign.

December arabica coffee futures settled down 4.45 cents, or 2.8 percent, at $1.5720 per lb. This is up a shade from the spot contract's four-month intraday low on Monday of $1.5630.   Continued...

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