Noticias cacao 28 junio

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


ICE cocoa futures for September delivery closed at its strongest level in
more than seven weeks, buoyed by speculative buying on bullish chart signals
and ideas of increased demand.

Thinly traded July cocoa added $11, or 0.36%, to settle at $3,103 per ton on
ICE Futures U.S. Most-active September rose $25, or 0.80%, to end at $3,138 a
ton. September's session high of $3,144 was the strongest price for the
contract since May 7.

Cocoa's rise came on the heels of 5.5% gains last week, when an improved
chart picture and expectations for increased demand lifted the market. Those
supportive factors were also influential in Monday's trade, particularly after
September shot above Friday's $3,130 high, encouraging chart-following traders
to buy.

Fundamental support is derived from expectations for increased global cocoa
demand. On Friday, Netherlands-based Fortis Bank projected 2010-11 grindings--a
measure of consumption--to rise by 2.6% from year-ago levels to 3.7 million
tons. Global output for the coming crop year is seen rising 7.1% to 3.8 million
tons, from 3.5 million this year.

ICE cocoa's climb to new highs has been a self-perpetuating bullish influence
on futures, and the ability of September to close above Friday's peak of $3,130
is expected to boost prices further, said Boyd Cruel, senior softs market
analyst at Vision Financial Markets in Chicago.

Bullish traders, or traders expecting prices to rise, will now target the
$3,180-$3,185 level on September cocoa, he said.

Ivory Coast exported 760,455 tons of cocoa beans in the October 2009-May 2010
period, the first eight months of the 2009-10 season, down 4.7% from the
797,760 tons shipped in the comparable season one year ago.

Top grower Ivory Coast's output has been reduced by aging orchards and a lack
of investment in the cocoa sector. Increased interest in rubber tree production
has also crimped cocoa production.

Trading volumes were thin Monday as some traders begin to take off for the
long July 4 holiday weekend.

Cocoa traded on NYSE Euronext's Liffe for September delivery lost GBP3, or
0.12%, to settle at GBP2,447 a ton.

ICE open interest--the number of contracts outstanding between traders at the
prior day's close--rose 1,899 contracts to total 116,864, exchange data showed.

Just 208 contracts remained open in nearby July futures ahead of its July 15
expiration. Most active September held 59,130 open positions.

Futures volume is estimated 5,425 lots, with seven calls and six put options
traded, ICE data showed.

ICE Change Range
July $3,103 up $11 $3,103 - $3,110
Sep $3,138 up $25 $3,106 - $3,144

* ICE settlements in dollars per metric ton.