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Coffee traders eye market bottom amid commercial players' net long NEW YORK: Coffee prices may not have much more room to fall after a year-long rout, importers said this week, noting that a record-high commercial net long position showed concern over low inventories and a still-uncertain production outlook in top producer Brazil. The bullish bet among coffee producers, roasters and physical traders, who have held a consistent net short position for years, reflects growing expectations that the 23-month price low hit earlier this month may represent a bottom for the market, the importers said."The potential seems to be more for an up move than a down move," said Raymond Keane, president of Balzac Bros, a Charleston, South Carolina-based importer, noting that among his clients, roasters are significantly more fixed than producers or exporters who sell coffee, a departure from the normal state of affairs. As second-month coffee prices on ICE Futures US fell earlier this year, roasters piled on long ...

CBOT corn slightly higher on short-covering ahead of holiday CHICAGO: Chicago Board of Trade corn futures were slightly higher on Wednesday, lifted by investor short covering and firm US cash markets tied to a slow pace of farmer sales following the harvest, traders said.Investors also continued to roll positions out of the December contract and into deferred contracts such as most-active March futures. The spread between the contracts corrected in a bear-spread after hitting a roughly 1-1/2 year high in the previous session.Farmers continued ...
Gold drops on dollar rebound after strong US data NEW YORK/LONDON: Gold prices dropped on Wednesday, hovering just above the lowest level in nearly six years on pressure from a rebounding dollar after strong US economic data heightened expectations of an interest rate hike from the Federal Reserve next month.Manufacturing output rose well above economists' expectations in October and a gauge of US business investment plans surged. "The orders number is surprisingly positive and that's what's weighing on the market," said Rob Haworth, senior ...
CBOT soy ends up on bargain buying after multi-year lows CHICAGO: Chicago Board of Trade soybean futures closed higher on Wednesday on technical buying and fund short-covering after multi-year lows set this week, traders said.Chart-based buying noted after most-active January soybean futures staged a "key reversal" on Monday, with the contract settling above the previous session's high after dipping to a contract low.Additional support from uncertainty about how and when Argentina's president-elect Mauricio Macri might ease export taxes on soybeans and devalue the country's currency. ...
CBOT wheat ends mixed, nearbys lower ahead of US holiday CHICAGO: Wheat futures on the Chicago Board of Trade settled mixed on Wednesday with nearby contracts sagging in technical trade a day ahead of a US holiday, traders said.Front-month CBOT December wheat settled down 5 cents at $4.79-1/4 a bushel after dipping to $4.79, a 2-1/2-month low, as funds appeared to exit long December/short March spread positions.First notice day for December deliveries is Monday.Fundamental pressure noted from strength in the dollar, and ample world wheat ...
NY sugar's target at 16.33 cents aborted SINGAPORE: A bullish target at 16.33 cents per lb has been aborted for New York March sugar, as it failed to break a resistance at 15.70 cents.The resistance is provided by the 50 percent Fibonacci retracement on the fall from the June 26, 2014 high of 20.13 cents to the Aug. 24, 2015 low of 11.28 cents. A correction has been caused, towards the 38.2 percent retracement at 14.66 cents.Wave pattern suggests sugar is riding ...
NY coffee to break resistance at $1.2510 SINGAPORE: New York March coffee is expected to break a resistance at $1.2510 per lb, and rise towards the next resistance at $1.2810, as indicated by a Fibonacci retracement analysis and a rising channel.The contract's move seems to be controlled by two sets of key levels, derived from two Fibonacci retracement analyses. One analysis is on the downtrend from the Oct. 14 high of $1.4090 to the Nov. 13 low of $1.1530, the other is ...


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