BR100 3,737 Increased By ▲ 3 (0.09%)
BR30 19,102 Decreased By ▼ -52 (-0.27%)
KSE100 36,190 Increased By ▲ 48 (0.13%)
KSE30 15,694 Increased By ▲ 18 (0.11%)
COVID-19 TOTAL DAILY
CASES 246,351 2752
DEATHS 5,123 65
Sindh 102,368 Cases
Punjab 85,991 Cases
Balochistan 11,128 Cases
Islamabad 13,927 Cases
KP 29,775 Cases
Markets

NY cocoa slips as charts weaken, robusta coffee at 2-month low

LONDON: New York cocoa futures on ICE fell on Wednesday, weighed down by souring technical signals and signs of ample su

Dec 05 2018

LONDON: New York cocoa futures on ICE fell on Wednesday, weighed down by souring technical signals and signs of ample supplies from top grower Ivory Coast, while robusta coffee set a fresh two-month low.

COCOA

* March New York cocoa was down $50, or 2.3 percent, at $2,137 a tonne by 1501 GMT.

* Dealers said chart signals had weakened after the market was unable to climb above key resistance levels, triggering speculative selling in light volume.

* Market participants were closely monitoring supplies from top grower Ivory Coast where early port arrivals are off to a strong start.

* "There is a suspicion that may mean more unsold cocoa yet to come through the system," said one dealer. "But there are no visible signs of origin offerings right now."

* Dealers also said weather conditions seemed favourable in Ivory Coast, further bolstering expectations for ample supplies.

* "Soil moisture levels are perceived as being good, so that should put us in good stead going forward into the dry season," the dealer said.

* Expectations for ample supplies were also dampening buying interest from both industry and speculators, dealers said.

* March London cocoa fell 20 pounds, or 1.2 percent, to 1,591 pounds a tonne.

COFFEE

* March robusta coffee was down $1, or 0.1 percent, at $1,580 a tonne, after earlier falling to $1,575 a tonne, the lowest for the second position since early October.

* Dealers said the structure had weakened after prices failed to gain a foothold above $1,600 in the prior session, but buying appetite at lower levels was providing some support.

* Focus remained on ample global supplies as the harvest in top grower Vietnam gathered pace but recent weather conditions could cause some delays to early shipments, traders said.

* March arabica coffee was down 0.60 cents, or 0.6 percent, at $1.0630 per lb, hovering above a two-month low of $1.06 set in the prior session.

* Prices were weighed down by a weakening in Brazil's currency, which encourages producer selling by boosting local returns on dollar-traded commodities like coffee.

SUGAR

* March raw sugar was down 0.04 cents, or 0.3 percent, at 12.71 cents per lb.

* March white sugar rose $0.80, or 0.2 percent, to $345.10 a tonne.

Copyright Reuters, 2018