October 24, 2018 / 11:35 AM / in 7 months

SOFTS-Arabica coffee slips as chart signals sour; raw sugar also falls

LONDON, Oct 24 (Reuters) - Arabica coffee futures on ICE eased on Wednesday as speculative short-covering waned in the face of more bearish chart signals, while raw sugar also slipped and cocoa edged higher.

COFFEE

* December arabica coffee was down 0.5 cents, or 0.4 percent, at $1.2060 per lb by 1107 GMT, consolidating after gaining nearly 3 percent in the previous session.

* The market has been subject to sharp swings in recent days, with Tuesday’s rally offsetting a plunge a day earlier.

* Prices have rallied about 27 percent over the past five weeks, boosted by speculative short-covering partly inspired by strengthening of the real currency of top grower Brazil.

* However, dealers said technical momentum is now waning and the market is in over-bought territory, triggering a pull-back by speculative buyers.

* “Despite yesterday’s strong recovery, the indicators are weakening favouring lower prices,” Sucden Financial technical analyst Geordie Wilkes said in a market update.

* January robusta coffee was down $1, or 0.1 percent, at $1,718 a tonne.

* Uganda’s coffee shipments last month were down 14.2 percent compared with September last year, the sector regulator said.

SUGAR

* March raw sugar slipped by 0.04 cents, or 0.3 percent, to 13.77 cents per lb.

* Market participants were awaiting fresh data on cane crushing in top grower Brazil for the first half of October, due later on Wednesday.

* An S&P Platts survey of analysts forecast the crush at 25.05 million tonnes, with a little more than 32 percent of cane channelled to sugar. Production of the sweetener was seen at 1.08 million tonnes.

* December white sugar rose $1.50, or 0.4 percent, to $382 a tonne.

* Indonesia expects nine new sugar mills to start operation in 2020, Agriculture Minister official Syukur Iwantoro told reporters on Wednesday.

COCOA

* December New York cocoa climbed $6, or 0.3 percent, to $2,193 a tonne.

* The focus remained on Ivory Coast and Ghana, where favourable weather and strong arrivals have boosted expectations for the main crop.

* “The outlook for production in 2018/19 is currently good in both countries,” Commerzbank said in a market update.

* December London cocoa rose 3 pounds, or 0.2 percent, to 1,632 pounds a tonne.

* A U.S. federal appeals court on Tuesday reinstated a lawsuit by a group of former child slaves accusing the U.S. unit of Nestle and Cargill of perpetuating child slavery on Ivory Coast cocoa farms. (Reporting by Ana Ionova Editing by David Goodman)

Nuestros Estándares:Los principios Thomson Reuters
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