Noticias cacao 29 junio

DJ ICE Cocoa Review: Sep Plunges 5.1% As Funds Worry, Sell
DOW JONES NEWSWIRES


Cocoa for September delivery fell 5.1% Tuesday on fund selling linked to
renewed global economic worries as traders sold riskier investments like
commodities.

Most-active September cocoa traded on ICE Futures U.S. fell $159, or 5.1%, to
settle at $2,979 a ton. Thinly traded July fell $155, or 5%, to end at $2,948 a
ton.

Weak economic reports out of China and the U.S. stoked fears that the global
economy could sputter and possibly fall into a double-dip recession,
particularly as the pickup in some sectors of the economy has been done with
U.S. unemployment still hovering at 9.7%. Traders bought the dollar as a cover
from the economic turmoil, the effect of which pushed nearly all commodity
markets down.

A strengthening greenback is bearish for cocoa because it makes the commodity
more expensive in other currencies.

A sputtering global economy would be expected to decrease demand for a luxury
commodity like cocoa, a broker said.

"Funds are taking risk off the table...it's a risk-off, all commodities are
sold" type of trading mentality, said Spencer Patton, analyst and chief investment officer at Steel Vince Investments in Chicago.

"It's a jobless recovery. We're not seeing the jobs or the housing data," he
said.

Consumer confidence in the U.S. plummeted to 52.9 in June, from a downwardly
revised 62.7 in May, the Conference Board said Tuesday.

The dour news followed renewed concerns in China, after the Conference Board
downwardly corrected the country's leading economic indicators to show just
0.3% growth in April, from 1.7% reported earlier.

Cocoa did pare its steepest losses of the session, however, as the lower
prices uncovered buying interest and as the dollar edged off its highs, a
broker said.

Nigeria's 2010-11 main cocoa crop has been hit back dry conditions, leading
to fewer and smaller pods on the trees. The rainy season, which began in May
but has been disappointing so far, ends in October. The main crop harvest runs
begins in September and typically runs through February.

Cocoa declared for export out of top grower Ivory Coast from Oct. 1 through
June 23 totaled 863,801 metric tons, down 12.9% on the comparable year-ago
level. Output is down due to aging orchards and a lack of investment in the
sector.

Open interest in cocoa rose 561 to total 117,425 lots, ICE reported. Just 185
positions remained open in July ahead of its July 15 expiration.

Futures volume was estimated at a heavy 22,852 lots traded, with 314 calls
and nine put options traded.

ICE Change Range
July $2,948 dn 155 2,921 - 3,075
Sep $2,979 dn 159 2,924 - 3,135
* ICE settlements in dollars per metric ton with intraday range.