NY sugar extends gains, cocoa recovers lost ground

Fri Feb 24, 2012 1:38pm GMT
 

Feb 24 (Reuters) - Raw sugar held at a four-month high
in early trading Friday while U.S. cocoa recovered some ground
lost the day earlier.	
    Arabica coffee likewise rose in line with the broader
commodity market.	
    For news on other financial markets, please click on:   	
      ]     	
    	
 8:35 AM        LAST    NET     PCT      LOW    HIGH  CURRENT
               TRADE   CHNG    CHNG                       VOL
 Sugar MAR     26.04    0.1    0.4%    25.79   26.04    3,061
 Sugar MAY     24.98   0.12    0.5%    24.72   25.00   11,639
 Cocoa MAR     2,353    -18   -0.8%    2,352   2,355       10
 Cocoa MAY     2,354     10    0.4%    2,333   2,359    1,831
 Coffee MAR   203.90    1.9    0.9%   202.00  203.90      108
 Coffee MAY   203.90   1.85    0.9%   201.95  204.25    2,154
                                                              
 TOTAL MARKET              VOLUME          
                CURRENT   30D AVG  250D AVG
 ICE SUGAR       31,819   108,925    87,270
 ICE COCOA        2,327    25,242    18,950
 ICE COFFEE       3,136    24,930    19,627
                                                              
 * Raw sugar futures for March        rose 0.10 cent to 26.04 
 cents a lb in volume of 3,061 lots, trading in a range of 
 25.79 to 26.04. May        rose 0.12 cent to 24.98 cents a 
 lb.
 * Cocoa futures for March        fell $18 to $2,353 a tonne 
 in volume of 10 lots, trading in a range of $2,352 to $2,355. 
 May        rose $10 to $2,354 a tonne.
 * Arabica coffee futures for March        rose 1.90 cents to 
 $2.0390 a lb in volume of 108 lots, trading in a range of 
 $2.0200 to $2.0390. May        rose 1.85 cents to $2.0390 a 
 lb.
 	
    MARKET NEWS 	
    * Thomson Reuters analyst Wang Tao's outlook for New York
soft commodities: sugar will extend its recent gains to
26.46 cents per lb; cocoa may either hover above a
support at $2,306 per tonne or rebound to $2,420, as indicated
by a Fibonacci retracement analysis and a bearish target at
$1.9780 per lb is unchanged for coffee 	
    * Raw sugar futures eased, with March's premium remaining
firm, while cocoa steadied following a sharp fall in the
previous session and coffee futures edged higher. 	
        	
    FUNDAMENTALS   	
    *  Swiss foods giant Nestle said it will build a
major coffee processing plant in Germany with investment
totalling 220 million euros ($292.9 million). [ID: nL5E8DO2V2]	
    * India's government issued a notification to mills
detailing terms for the export of 1 million tonnes of
unrestricted sugar during the 2011/12 season, a trade source
told Reuters. [ID: nL5E8DO00M]	
    * The GEPEX group of exporters that accounts for about 55
percent of Ivory Coast's cocoa exports has agreed to end its
boycott of auctions, three industry sources told Reuters.
 	
    * Valid cocoa stocks in NYSE Liffe's nominated warehouses
rose slightly to 61,030 tonnes as of Feb. 20 from 59,400 tonnes
on Feb. 6, exchange data showed. 	
    * Cocoa butter ratios edged down in Asia this week because
of declines in European prices, but demand from chocolate makers
ahead of Easter helped cushion the fall, dealers said on Friday.
 	
    * Vietnam robusta beans returned to premiums against Liffe
for the first time in at least three weeks as farmers, middlemen
and exporters held back stocks, waiting for the London futures
to rise further, dealers said on Friday. 	
    * Brazil's upcoming 2012/13 coffee harvest should turn out
53.9 million 60-kg bags, exporter Terra Forte said on Thursday,
raising its November estimate by 1.4 million bags due to hopes
for record robusta production. 	
    * China has increased its coffee consumption by about 20
percent a year in recent years, raising speculation about the
country's potential impact on global supplies. 	
    	
    ECONOMY	
    * U.S. new home sales for January. 10 a.m. EST (1500 GMT) 	
	
    MARKETS 	
    * European stocks and 'the euro gained on optimism over
global growth but higher oil prices and the euro zone debt
crisis tempered the rise.  	
    * Gold held on to the week's hefty gains. 	
    * Crude oil rose and headed for its fifth straight weekly
gain on tension between Iran and the West over the Islamic
Republic's nuclear program.  	
	
 (Reporting by Josephine Mason)
 
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