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NY coffee surges to end up 5.7pc, sugar falters

Posted in : Coffee Types

(added few months ago!)

Arabica coffee futures surged to close up 5.7 percent on Friday, its biggest daily rise since June 2010, on concern about rain damage in Central America, falling certified stocks and a lack of origin selling.

NY coffee surges to end up 5_7pc, sugar falters

Raw sugar turned around to close weak on investor selling while US cocoa settled up a shade.

RAW SUGAR

* Key March raw sugar futures reversed to close down 0.32 cent, or 1.2 percent, to finish at 26.48 cents per lbs.

* On the week, the market is down 5.2 percent.

* Market declined on investor sales despite initial boost from possible euro zone debt deal

* "Sugar gave back all its gains," said Country Hedging Inc analyst Sterling Smith.

* Cash activity appears to be slowing down.

* Traders said talk Chinese sugar imports may not be as large as initially thought weighed on the market.

* Sugar supported by small cane crop in No. 1 producer Brazil and questions over flood damage to No. 2 sugar exporter Thailand.

* India, the world's No. 2 producer of sugar, may allow exports of the sweetener on a monthly basis.

COFFEE

* December arabica coffee futures jumped 13.20 cents, or 5.7 percent, to close at $2.4485 per lb.

* December saw its biggest daily surge since June 2010.

* December closed the week up 2.2 percent.

* ICE certified arabica stocks tumbled by nearly 30,000 bags to 1,335,857 bags by Oct. 20, the lowest since February 2000 - ICE data.

* Market soared on a number of factors including positive macroeconomic sentiment, the weak US dollar, falling certified arabica stocks and heavy rains in Central America - traders.

* A lack of origin selling allowed the market to climb easily as producers in Central America and top grower Brazil were waiting to see how high the market would go - traders.

* Torrential rains and landslides in Colombia have delayed some coffee getting to market with even more heavy rain expected in the coming months due to the La Nina weather phenomenon.

COCOA

* Key December cocoa inched up $4 to settle at $2,566 per tonne.

* December closed the week down 3.9 percent.

* Total open interest inched down 449 lots to 190,435 lots by Oct. 20, just below the previous day's level of 190,884 lots, the highest since February 2008 - ICE data.

* Market lacked firm direction with support coming from the positive macro scene - traders.

* North American cocoa grindings in the third quarter of 2011 climbed about 3.4 percent, slightly beating trade estimates - National Confectioners Association data post-market Thursday.

* Valid cocoa stocks in NYSE Liffe's nominated warehouses as of Oct. 17 held steady at 81,890 tonnes - exchange data.

Tags : NY, Coffee, Surges

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(added few months ago!) / 110 views