Soft commodity futures settle mixed

Soft commodity futures finished mixed on Monday, with ICE cocoa hitting a 2-1/2-year low due to harvest pressure from the premier West African growing region. The market digested news that the 17-nation eurozone's industrial production fell 2 percent in September, pointing to a growing threat of recession.
New York's March cocoa contract shed $4 to close at $2,555 per tonne, after hitting a 2-1/2-year low at $2,515. London's March cocoa futures rose 3 pounds to end at 1,599 pounds per tonne, after the second month hit the lowest since mid-2009 at a lifetime low of 1,577 pounds. ICE March raw sugar futures fell 0.25 cent to finish at 24.75 cents a lb. London's December white sugar futures gained $7.10 to close at $659.20 a tonne.
"People are still worried about what's going on (in the eurozone)," said the Price Group's senior analyst Jack Scoville, adding most players could slowly peel away given the long Thanksgiving holiday in the United States next week. James Kirkup, head of sugar brokerage at ABN Amro Markets (UK) Ltd, said: "In the absence of news in the physical market, the macro news is still setting the tone."
Goldman Sachs on Monday maintained its overweight recommendation for commodities over the next 12 months despite the European crisis. Sugar market participants monitored possible buying by Malaysia, the approval of Indian sugar exports, possible delays in No 2 sugar exporter Thailand caused by flooding, and weather in Russia, where frost could damage the beet crop.
Coffee futures traded mixed, with the trade keeping an eye on the flow of beans out of top robusta producer Vietnam. "The Vietnamese crop is certainly a factor for robusta and it will be coming on stream in the next two or three weeks," a London-based coffee dealer said. March arabica coffee futures on ICE dropped 3.15 cents to close at $2.3415 per lb, while January robusta coffee on Liffe increased $40 to end at $1,890 a tonne.