November 19, 2019 / 1:50 PM / 17 days ago

SOFTS-NY cocoa steadies after hitting 1-1/2 year high

LONDON, Nov 19 (Reuters) - New York cocoa futures on ICE steadied on Tuesday after hitting a 1-1/2 year high in the previous session on nearby supply tightness, while raw sugar prices remained range bound.

COCOA

* March New York cocoa was up $7, or 0.3%, at $2,671 a tonne at 1304 GMT after hitting $2,694 on Monday, the highest since May 2018.

* Premiums for December cocoa over March in both New York and London CC-1=R LCC-1=R have receded slightly, though they remain near record levels, indicating tight nearby supply.

* In the physical markets, much of the cocoa available is trading at substantial premiums to futures, with some perceived tightness in lower quality cocoa as well.

* A dealer said lower quality cocoa is thought to be held in strong hands, while few will deliver better quality beans to the exchange as they command such steep physical premiums.

* March London cocoa was 3 pounds, or 0.2%, lower at 1,927 pounds a tonne, having touchedt its highest in a year and a half last week.

* Above average rainfall mixed with heat last week in most of Ivory Coast’s cocoa growing region will boost the quality of the crop, farmers said on Monday.

SUGAR

* March raw sugar fell a marginal 0.04 cent, or 0.3%, to 12.72 cents per lb.

* The market remains locked in its recent range after failing to break to the upside last week when the March contract hit 12.91 cents, its highest since early October.

* “The more we see the specs incremental short covering being swallowed up by producer pricing, the more the sugar bulls are going to get nervous,” said Sucden Financial in a note to clients.

* “We probably have further fund short-covering to negotiate which may lift the short-term price but this threat will soon be sharply receding. In conclusion, we seem likely to continue sideways,” it added.

* March white sugar fell $2.10, or 0.7%, to $338.10 a tonne.

* A total of 43,000 tonnes of Brazilian white sugar has been tendered against the December contract on ICE Futures Europe, exchange data showed on Monday.

* There were no central American sugars tendered against as freezing conditions have curbed sugar production in the United States and Canada, while drought has dented Mexico’s output.

COFFEE

* March arabica coffee rose 0.60 cent, or 0.6%, to $1.0980 per lb.

* Diminished outlooks for crops in Brazil and Central America continue to boost coffee, though excess stocks persist following last season’s record harvest.

* January robusta coffee fell $15, or 1.1%, to $1,357 per tonne. (Editing by Mark Heinrich)

Nuestros Estándares:Los principios Thomson Reuters
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