November 9, 2018 / 7:38 PM / 7 months ago

SOFTS-Arabica, raw sugar lose over 5 percent on the week; cocoa steady

 (Recasts throughout, updates prices, comment; adds NEW YORK to
    NEW YORK/LONDON, Nov 9 (Reuters) - Arabica coffee futures on
ICE fell on Friday, ending the week more than 5 percent lower,
pressured by position rolling and a firmer U.S. dollar, while
raw sugar lost 5.3 percent on the week. 
    * March arabica coffee        settled down 2.7 cents, or
2.25 percent, at $1.1750 per lb. On the week, the contract lost
5.1 percent.
    * Prices were pressured by the roll out of December
contracts into March, dealers said. 
    * "We are finding support right now around the $1.1750
area," said Boyd Cruel, senior market strategist at High Ridge
Futures. That level, for the March contract, represents a 38.2
percent Fibonacci retracement from the September low and October
    * Prices were pressured by a stronger U.S. dollar as the
U.S. Federal Reserve kept interest rates steady and reaffirmed
its monetary tightening stance.             
    * January robusta coffee         settled up $1, or 0.1
percent, at $1,685 per tonne.
    * Dealers noted the physical market could see some
short-term tightness before large shipments from Vietnam - which
is in the midst of its main harvest - begin.
    * The U.S. Department of Agriculture attache in Brazil 
revised the 2018-19 coffee production forecast to 63.4 million
    * The International Coffee Organization reduced its 2017-18
surplus to 1.59 million bags, from 2.58 million.             
    * March raw sugar        settled down 0.11 cent, or 0.9
percent, at 12.73 cents per lb after setting a new four-week low
of 12.65 cents. 
    * On the week, the contract lost 5.3 percent, its worst
weekly performance since January. 
    * "People are starting to say that the sugar-ethanol mix in
Brazil is going to be a little higher next year toward sugar,"
said one U.S. trader.             
    * "Gasoline is down over 50 cents from its high last month.
So, as gasoline gets cheaper in Brazil," the ethanol economics
might shift, the trader added.           
    * Technicals weakened in the prior session when prices
closed below 13 cents, dealers said. 
    * December white sugar         settled up $1.60, or 0.5
percent, at $344.10 a tonne. The contract lost 4 percent this
week, its third straight negative weekly finish. 
    * March New York cocoa        settled down $5, or 0.2
percent, at $2,287 per tonne. 
    * The contract settled the week down 0.6 percent, its first
negative finish in five. 
    * The market was consolidating following a 4.5 percent
plunge on Thursday. On Wednesday, the market hit a 3-1/2-month
high but failed to find follow-through buying, dealers said. 
    * March London cocoa         settled down 1 pound, or 0.06
percent, at 1,670 pounds per tonne.

 (Reporting by Ayenat Mersie in New York and Ana Ionova in
London; editing by Emelia Sithole-Matarise, Jane Merriman and
Cynthia Osterman)
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