Noticias cacao 24 junio

DJ ICE Cocoa Review: Strongest Close In 7 Weeks; Speculators Buy
By Tom Sellen
DOW JONES NEWSWIRES


ICE cocoa futures for September delivery closed at their strongest level in
seven weeks, buoyed by speculative buying on bullish chart signals and the U.S.
dollar trading down slightly against the sterling.

Thinly traded July cocoa added $44, or 1.5%, to settle at $3,084 a ton on ICE
Futures U.S. Most-active September rose $51, or 1.7%, to $3,114 a ton.

Chart signals were a bullish influence, as prices pushed up through
resistance at this week's high of $3,086 and also the June 3 peak of $3,092,
encouraging chart-following traders to buy, said Spencer Patton, analyst and
chief investment officer at Steel Vine Investments in Chicago.

Cocoa activated pre-programmed buy orders on the way up, aiding the rally.

The strong close "paves the way for cocoa to head up to $3,250," he said,
which would take prices to their highest level since May 5.

Patton attributed most of the gains to the strengthening chart picture,
though traders also cite fundamental influences as providing underlying support
for cocoa.

Traders fretted about too-wet conditions in top producer Ivory Coast, which
could lead to problems with moldy beans and degrade crop quality. The heavy
rains are also making it difficult for growers to transport midcrop beans to
market, putting added pressure on already tight global supplies.

Ivory Coast produces about 40% of the world's cocoa beans.

The West African crop has so far avoided black-pod disease, owing to adequate
amounts of sunshine between rains keeping the disease at bay. Black pod thrives
in humid conditions and can destroy a significant amount of the crop if left
untreated.

The arrival of cocoa beans to Ivory Coast ports from the farms were estimated
at 19,000 metric tons in the week through June 20, up from 7,154 tons in the
comparable year-ago period, industry estimates showed.

For the 2009-10 crop year through June 20, arrivals were pegged at 1.044
million tons, down 0.3% from 1.047 million tons at the same time last year.

Ivory Coast output is the lowest in five years due to a lack of investment in
the cocoa sector and aging orchards.

Traders have also cited the persistent decline in ICE warehouse stocks, which
have fallen to 4.18 million bags, from 4.7 million at the beginning of May, as
a continuing supportive fundamental influence.

London cocoa futures also gained on support from the rallying New York
market.

Cocoa traded on NYSE Euronext's Liffe for September delivery rose GBP36, or
1.5%, to settle at GBP2,436.

ICE open interest--the number of contracts outstanding between traders at the
prior day's close--rose 267 contracts to total 115,185, exchange data showed.

Just 248 contracts remained open in nearby July futures ahead of its July 15
expiration.

Futures volume is estimated at 11,906 lots, with 116 calls and 38 put options
traded, ICE data showed.

ICE Change Range
July $3,084 up $44 $3,054 - $3,084
Sep $3,114 up $51 $3,051 - $3,120

* ICE settlements in dollars per metric ton.