SOFTS-Cocoa and coffee fall in broad-based commodity sell-off

lunes 11 de enero de 2016 09:54 GYT
 

* European Q4 cocoa grind may rise by 2 to 3 percent

* Coffee weighed by improving production outlook

By Nigel Hunt

LONDON, Jan 11 (Reuters) - Cocoa and coffee futures fell on Monday, swept along with a broad-based decline in commodity markets led by crude oil, while sugar prices were little changed.

"A lot of funds are getting burnt. I think it is a general evacuation (from commodity markets)," one cocoa trader said.

In 2015, cocoa bucked the overall weaker trend in commodity markets as funds expecting lower output in top grower Ivory Coast to lead to a substantial global deficit in the 2015/16 season built up a massive net long position.

Funds have since been scaling back that net long during the recent retreat in commodity markets.

March New York cocoa was off $65, or 2.15 percent, at $2,952 per tonne at 1333 GMT. The front month has lost almost $500 during the past five weeks after hitting a 4-1/2 year peak of $3,422 on Dec. 7.

Prices for London cocoa also fell with May down 52 pounds, or 2.4 percent, at 2,102 pounds a tonne.   Continuación...