2 de abril de 2015 / 18:30 / en 3 años

SOFTS-Raw sugar and arabica surge on weaker U.S. dollar

* Sugar, coffee helped by stronger Brazil real

* Index roll boosts volume across the softs board

* Markets closed for Easter long weekend (Adds milestones to paragraph 1, updates prices; adds trade comment, second byline, NEW YORK dateline)

By Marcy Nicholson and David Brough

NEW YORK/LONDON, April 2 (Reuters) - Raw sugar futures on ICE marked their biggest two-day rally in nine months on Thursday, rebounding sharply above a 2009 low, while arabica coffee surged nearly 5 percent, with both markets buoyed by the weak U.S. dollar and chart-based buying.

Cocoa also firmed. The first day of the index roll caused heavy May/July spreading in all soft commodities, traders said.

New York and London markets will shut for the Good Friday holiday on April 3. New York will open late at 7:30 a.m. EDT (1130 GMT) on Monday, but the London softs markets will not reopen until Tuesday.

May raw sugar futures on ICE closed up 0.42 cent, or 3.4 percent, at 12.74 cents a lb.

Though supplies remain abundant, dealers viewed the market as technically oversold after it slid to a more than six-year low on Tuesday.

A recovery in the value of Brazil’s real currency against the dollar encouraged short-covering in both sugar and coffee markets.

The dollar fell, hurt by fresh signs that the U.S. economy slowed significantly in the first quarter, which could delay any decision by the Federal Reserve to begin raising interest rates.

“We believe there is much more cover that needs to be taken by producers but a corrective rally, added to stronger local currencies against the U.S. dollar, may persuade them to hold back a bit on pricing,” Sucden Financial senior trader Nick Penney said.

May white sugar futures closed up $9.20, or 2.6 percent, at $367.30 per tonne.

Arabica coffee futures rose for the third straight day, with May settling up 6.05 cents, or 4.5 percent, at $1.409 per lb.

Chart-based buying extended gains above $1.40, viewed by traders as a psychological level with some saying the market was due for a correction higher.

Robusta coffee futures advanced, boosted by export delays in top producer Vietnam.

May robusta coffee futures rose $28, or 1.6 percent, to end at $1,778 a tonne.

New York May cocoa futures ended up $20, or 0.7 percent, at $2,768 a tonne while May London gained 19 pounds, or 1 percent, to finish at 1,939 pounds a tonne.

Among the new euro-based cocoa contracts launched on Monday, the CME contract <0#1CCP:> showed 169 lots traded, while the ICE contract <0#ECC:> saw two lots traded. (Additional reporting by Nigel Hunt, Editing by Dale Hudson and Meredith Mazzilli)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below