NY sugar, coffee and cocoa turn around to end firm

18 Jul, 2012

Arabica coffee futures settled up a shade in quiet dealings, turning higher as the US dollar pared its session highs. US cocoa finished quietly higher. 2:00 PM

RAW SUGAR

* Benchmark October raw sugar futures rose 0.16 cent, or 0.7 percent, to finish at 22.95 cents a lb.

* Market touches higher on speculative buying to offset early losses - brokers.

* Sugar got a mild boost from news that Copersucar, biggest sugar and ethanol trader in top producer Brazil, reported further rain delays in processing of center-south cane crop.

* October contract still pinned in trading band from 22 to 23 cents -- Alex Oliveira, Newedge USA analyst.

* "The market's stuck," Oliveira said.

ARABICA COFFEE

* September arabica futures crept up 0.30 cent, or 0.2 percent, to end at $1.8215 per lb.

* The benchmark contract extended its intraday losses after hitting the 100-day moving average at $1.7899.

* The market turned higher as the US dollar gave back much of its earlier gains.

* ICE certified arabica stocks climbed every day so far this month, a source of earlier market pressure - traders.

* Certified arabica stocks climbed by 10,765 bags to 1,714,046 bags by July 17, the highest since November 2010. There were a heavy 56,009 bags pending grading - ICE data.

* "We're going to develop a sideways trading channel. This is the pattern that usually happens after major bear markets." -

Shawn Hackett, president of Hackett Financial Advisors in Florida.

COCOA

* Benchmark September cocoa futures inched up $9 to finish at $2,204 per tonne.

* September moved in an inside day as the market lacked strong direction.

* Market moved lower on pressure from the weak sterling against the US dollar, but turned higher as the pound pared its losses and as London cocoa futures briefly turned higher - traders.

* Total open interest climbed by 1,195 lots contracts to 187,321 contracts on July 17, when the futures market fell to a three-week low.

* Open interest on July 17 reached the highest level since June 6. Open interest has climbed for 12 out of the past 13 sessions - ICE data.

* North American second-quarter grind data will be released around 4 p.m. EDT (2000 GMT) on Thursday - ICE.

* The grind data is expected down roughly 5 percent from a year ago - traders.

* Indonesia's cocoa bean exports from its main growing island of Sulawesi fell 68 percent to 4,935.48 tonnes in June from 15,232.68 tonnes a year earlier - industry data.

Copyright Reuters, 2012

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