SOFTS-Raw sugar falls below 12 cents, cocoa at 7-week lows

lunes 30 de marzo de 2015 14:05 GYT
 

* New CME cocoa contract sees 240 lots

* NY cocoa OI exceeds 211,000 lots on March 27

* Arabica down more than 4 pct in late-day selling (Adds milestones, trade comment, second byline, NEW YORK dateline; updates prices)

By Marcy Nicholson and David Brough

NEW YORK/LONDON, March 30 (Reuters) - Raw sugar on ICE fell below 12 cents a pound for the first time in more than six years on Monday, on abundant supplies and a weak Brazilian currency, while cocoa fell to seven-week lows as the new euro-denominated cocoa contracts saw a quiet start.

Arabica coffee futures fell more than 4 percent on chart-based pressure while the strong U.S. dollar weighed on prices across the board, traders said.

ICE raw sugar futures were choppy and Brazil's currency, the real, steadied after falling once again against the U.S. dollar. The currency is down more than 12 percent in March.

"This market seems to be battling a reality that the real is very low, and a perception it could fall further," said Tom McNeill, director of analyst Green Pool Commodities.

Green Pool slashed its forecast for a 2015-16 global sugar deficit to 2.96 million tonnes from a previous estimate of a 5.02 million tonnes gap.   Continuación...