SOFTS-Cocoa, coffee, sugar at multi-month lows as commodities retreat

lunes 11 de enero de 2016 15:37 GYT
 

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

* Coffee weighed by improving production outlook

* Raw sugar futures at 2-month low (Rewrites throughout, updates prices; adds comment, second byline, NEW YORK dateline)

By Marcy Nicholson and Nigel Hunt

NEW YORK/LONDON, Jan 11 (Reuters) - Cocoa, coffee and sugar futures tumbled to multi-month lows in heavy volume on Monday, swept along with a broad-based decline in commodities led by crude oil and driven by gloom about the economic outlook in China.

The 19-market Thomson Reuters CoreCommodity Index sank more than 2.7 percent to a 13-1/2-year low as oil prices fell to 12-year lows amid continued ructions in the Chinese stock market.

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

On Friday, data showed that speculators cut their net long position in cocoa futures and options for the fourth straight week, while they cut it in sugar for the second straight week.

March New York cocoa settled down $115, or 3.8 percent, at $2,902 per tonne, the weakest settlement for the spot contract in eight months and the biggest one-day tumble since October 2014.   Continuación...