DJ ICE Cocoa Review: Rises As Commodities Climb On Weak Dollar
NEW YORK (Dow Jones)--Cocoa futures climbed Friday as speculative traders
bought amid general commodities strength and the weaker dollar.
Nearby cocoa for September delivery cocoa settled $45, or 1.5%, higher at
$3,091 a metric ton on ICE Futures U.S.
Cocoa prices have been gravitating between $2,900 and $3,200 throughout the
summer, when trade is seasonally light. World cocoa bean production eases at
that time and demand backs off. Trade tends to pick up in September and October
when the main crop in West Africa picks up. At the same time, confectioners and
food manufacturers begin to stock up ahead of the holiday season.
Cocoa has been following commodities prices higher this week as the
relatively soft U.S. dollar invites commodities investment. Bearish domestic
economic data throughout the week sent traders out of the dollar on concern the
U.S. economy was stalling on the track to recovery. A softer dollar makes
futures contracts less expensive in other currencies. As cocoa prices settled
Friday, metals and most agricultural commodities were stronger.
Prices are likely to drift in range as outside market cues and technical
charts influence prices.
"I would look for continued range-bound trade from $2,950 to $3,150," said
Sterling Smith, market analyst at Country Hedging in St. Paul, Minn.
Traders are on the lookout for the fundamental setup of the upcoming cocoa
season, which begins Oct. 1.
The International Cocoa Organization estimates world production will fall
nearly 1% short of demand in the current 2009-10 season, which ends Sept. 30.
The amount of beans ground by confectioners to make chocolate is anticipated to
be 4% higher than last year at 3.579 million tons, the organization said in
late May. Demand for beans has rebounded from recession lows in tandem with the
world economy.
"There is a reasonable prospect of the global cocoa market shifting back to a
surplus in the forthcoming 2010-2011 season - but only a relatively moderate
surplus at best," ABN Amro Group and VM Group said in a joint quarterly cocoa
report released Friday. "In our view, cocoa demand tends to closely track
broader economic growth. There is little in this scenario to encourage the view
that we are likely to see any massive upsurge in cocoa grindings next year."
Volume was estimated at 9,468 contracts to the point of settlement, according
to exchange data. In options, approximately 54 calls and 74 puts traded on the
floor.
ICE cocoa open interest--the number of active positions left at the end of
the session--decreased by 988 positions Thursday to total 124,420, the exchange
reported.
Close Change Range (To the point of settlement) Liffe Close
Change
Sep $3,091 +$45 $3,028-$3,095
GBP2,273 -GBP13
Dec $3,119 +$48 $3,054-$3,123
GBP2,185 -GBP12
viernes, 30 de julio de 2010
jueves, 29 de julio de 2010
DJ ICE Cocoa Review: Rises; Funds Buy Commodities As Dollar Drops
By Holly Henschen
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Cocoa prices rose Thursday as commodities rallied when
doubts about the resilience of the U.S. economy sent the dollar spiraling.
Nearby cocoa for September delivery settled $36, or 1%, higher at $3,046 a
metric ton on ICE Futures U.S.
Cocoa prices are in a seasonal holding pattern that corresponds with weaker
demand and lagging supply during the summer months. September futures have
respected a range of roughly $2,900 to $3,200 since June 1. Cocoa trading tends
to be light in the summer, but picks up in September and October, when supplies
from West Africa flow through marketing channels to the confectioners and food
manufacturers that are stocking up before the holidays.
Commodities prices leapt Thursday as the dollar skidded on concerns that a
U.S. economic recovery has slowed. Weekly jobless claims for two weeks ago were
revised higher, showing little improvement in the job market. The safe-haven
dollar slid as confidence waned. This made commodities contracts less expensive
in other currencies when the U.S. dollar is weak. These investments are
attractive to speculators, such as banks and hedge funds.
Outside influences nudged cocoa prices higher within its seasonal sideways
trend.
"It's really just riding the macro picture," said a New Jersey-based cocoa
broker and analyst. "New York [cocoa] is attracting speculative buying, but
it's not finding the sort of fundamental strength that the other markets are
seeing at the moment. This is a rally to sell."
The International Cocoa Organization estimates world production will fall
nearly 1% short of demand in the current 2009-10 season, which ends Sept. 30.
The amount of beans ground by confectioners to make chocolate is anticipated to
be 4% higher than last year at 3.579 million tons, the organization said in
late May. Demand for beans has rebounded from recession lows in tandem with the
world economy.
Volume was estimated at 9,838 lots in the session to the point of settlement,
exchange data show. In options, approximately 688 calls and 541 puts traded on
the floor in the same time frame.
ICE cocoa open interest--the number of active positions left at the end of
the session--increased by 23 positions Wednesday to total 125,408, the exchange
reported.
ICE Close Change Range (To the point of settlement) Liffe Close
Change
Sep $3,046 +$36 $2,302-$2,341 Sep
GBP2,286 +GBP15
Dec $3,071 +$37 $2,321-$2,360 Dec
GBP2,197 +GBP25
-By Holly Henschen, Dow Jones Newswires; 212-416-2138;
By Holly Henschen
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Cocoa prices rose Thursday as commodities rallied when
doubts about the resilience of the U.S. economy sent the dollar spiraling.
Nearby cocoa for September delivery settled $36, or 1%, higher at $3,046 a
metric ton on ICE Futures U.S.
Cocoa prices are in a seasonal holding pattern that corresponds with weaker
demand and lagging supply during the summer months. September futures have
respected a range of roughly $2,900 to $3,200 since June 1. Cocoa trading tends
to be light in the summer, but picks up in September and October, when supplies
from West Africa flow through marketing channels to the confectioners and food
manufacturers that are stocking up before the holidays.
Commodities prices leapt Thursday as the dollar skidded on concerns that a
U.S. economic recovery has slowed. Weekly jobless claims for two weeks ago were
revised higher, showing little improvement in the job market. The safe-haven
dollar slid as confidence waned. This made commodities contracts less expensive
in other currencies when the U.S. dollar is weak. These investments are
attractive to speculators, such as banks and hedge funds.
Outside influences nudged cocoa prices higher within its seasonal sideways
trend.
"It's really just riding the macro picture," said a New Jersey-based cocoa
broker and analyst. "New York [cocoa] is attracting speculative buying, but
it's not finding the sort of fundamental strength that the other markets are
seeing at the moment. This is a rally to sell."
The International Cocoa Organization estimates world production will fall
nearly 1% short of demand in the current 2009-10 season, which ends Sept. 30.
The amount of beans ground by confectioners to make chocolate is anticipated to
be 4% higher than last year at 3.579 million tons, the organization said in
late May. Demand for beans has rebounded from recession lows in tandem with the
world economy.
Volume was estimated at 9,838 lots in the session to the point of settlement,
exchange data show. In options, approximately 688 calls and 541 puts traded on
the floor in the same time frame.
ICE cocoa open interest--the number of active positions left at the end of
the session--increased by 23 positions Wednesday to total 125,408, the exchange
reported.
ICE Close Change Range (To the point of settlement) Liffe Close
Change
Sep $3,046 +$36 $2,302-$2,341 Sep
GBP2,286 +GBP15
Dec $3,071 +$37 $2,321-$2,360 Dec
GBP2,197 +GBP25
-By Holly Henschen, Dow Jones Newswires; 212-416-2138;
miércoles, 28 de julio de 2010
DJ ICE Cocoa Review: Rises; Speculative Buying, Commodity Gains
DOW JONES NEWSWIRES
Cocoa futures for September delivery climbed Wednesday on speculative buying
linked to the overall gains in soft commodities, though prices remained in a
trading range.
Nearby September cocoa added $30, or 1%, to settle at $3,010 a ton on ICE
Futures U.S., near the session peak of $3,018.
Cocoa prices found support on speculative buying in the soft commodities
sector that also took sugar, coffee and cotton higher. Prices remained within
recent trading ranges, however, in seasonally light dealings.
"It looks like we're seeing some commodity fund money coming in to the cocoa
market and lifting us off the lows," said Sterling Smith, analyst at Country
Hedging in St. Paul, Minn.
"We are now at the top end of our most recent range," he said.
September cocoa reached a session peak of $3,018 before the bullish momentum
waned slightly. The contract could not take out Tuesday's high of $3,026,
however, a nearby chart resistance level where selling is expected to increase.
September finds additional resistance near $3,050, a broker said.
Cocoa is in a seasonally quiet period as demand during the summer months
softens and supplies trickle in from West Africa. Top grower Ivory Coast has
already harvested its smaller mid-crop and producers won't begin gathering the
much larger main crop until late September or early October.
Recent rainy weather in Ghana and Ivory Coast is deemed favorable for the
developing main crop, though too much moisture increases the risk of disease,
private weather forecaster DTN Meteorlogix said.
London cocoa futures fell as the pound strengthened slightly against the
dollar. September cocoa traded on NYSE Euronext's Liffe fell GBP9, or 0.39%, to
GBP2,271 a ton.
Open interest in ICE cocoa fell 235 to total 125,385 contracts, the exchange
reported.
Volume is pegged at 6,445 contracts, with 203 calls and 903 put options
traded.
ICE Change Range
Sep $3,010 up 30 2,983 - 3,018
Dec $3,034 up 31 3,007 - 3,042
* ICE settlements in dollars per metric ton with intraday range.
DOW JONES NEWSWIRES
Cocoa futures for September delivery climbed Wednesday on speculative buying
linked to the overall gains in soft commodities, though prices remained in a
trading range.
Nearby September cocoa added $30, or 1%, to settle at $3,010 a ton on ICE
Futures U.S., near the session peak of $3,018.
Cocoa prices found support on speculative buying in the soft commodities
sector that also took sugar, coffee and cotton higher. Prices remained within
recent trading ranges, however, in seasonally light dealings.
"It looks like we're seeing some commodity fund money coming in to the cocoa
market and lifting us off the lows," said Sterling Smith, analyst at Country
Hedging in St. Paul, Minn.
"We are now at the top end of our most recent range," he said.
September cocoa reached a session peak of $3,018 before the bullish momentum
waned slightly. The contract could not take out Tuesday's high of $3,026,
however, a nearby chart resistance level where selling is expected to increase.
September finds additional resistance near $3,050, a broker said.
Cocoa is in a seasonally quiet period as demand during the summer months
softens and supplies trickle in from West Africa. Top grower Ivory Coast has
already harvested its smaller mid-crop and producers won't begin gathering the
much larger main crop until late September or early October.
Recent rainy weather in Ghana and Ivory Coast is deemed favorable for the
developing main crop, though too much moisture increases the risk of disease,
private weather forecaster DTN Meteorlogix said.
London cocoa futures fell as the pound strengthened slightly against the
dollar. September cocoa traded on NYSE Euronext's Liffe fell GBP9, or 0.39%, to
GBP2,271 a ton.
Open interest in ICE cocoa fell 235 to total 125,385 contracts, the exchange
reported.
Volume is pegged at 6,445 contracts, with 203 calls and 903 put options
traded.
ICE Change Range
Sep $3,010 up 30 2,983 - 3,018
Dec $3,034 up 31 3,007 - 3,042
* ICE settlements in dollars per metric ton with intraday range.
martes, 27 de julio de 2010
DJ ICE Cocoa Review: Prices Rise In Summer Range Trading
NEW YORK (Dow Jones)--Cocoa prices inched higher Tuesday, drifting within
range during a seasonally light session.
Nearby cocoa for September delivery cocoa settled $7, or 0.2%, higher at
$2,980 a metric ton on ICE Futures U.S.
Cocoa prices have been seesawing within a narrow trading band since May. The
tight range coincides with an annual period of mild supply and demand. Incoming
beans taper off from West Africa--the world's top source of cocoa. Production
picks up between September and October, when cocoa manufacturers begin to stock
to meet chocolate demand during the holiday season.
"The summer tends to be the quiet time of year in this market," said Boyd
Cruel, senior softs analyst at Vision Financial Markets in Chicago.
The October contract is likely to continue within a $2,900 to $3,200 range
through the fall, Cruel said.
He added that cocoa prices have underlying psychological support as some
traders eye supplies held by the London exchange. NYSE Liffe cocoa rallied in
early July as a traders took delivery of nearly all of the exchange's supplies.
ICE futures jumped in sympathy. However, when it was revealed the receivers
were speculators rather than end-users, prices backed off. Cocoa traders
continue to eye the possibility of a similar runup when the October contract
expires.
The International Cocoa Organization estimates world production will fall
nearly 1% short of demand in the current 2009-10 season, which ends Sept. 30.
The amount of beans ground by confectioners to make chocolate is anticipated to
be 4% higher than last year at 3.579 million tons, the organization said in
late May. Demand for beans has rebounded from recession lows in tandem with the
world economy.
Volume was estimated 8,851 contracts through the settlement, according to
exchange data. In options, approximately 19 calls and 840 puts traded on the
floor in the same timeframe.
ICE cocoa open interest--the number of active positions left at the end of
the session--decreased by 328 positions Monday to total 125,620, the exchange
reported.
Close Change Range (To the point of settlement) Liffe Close
Change
Sep $2,980 +$7 $2,954-$3,026 Sep
GBP2,280 +GBP1
Dec $3,003 +$4 $2,978-$3,050 Dec
GPB2,170 +GBP2
NEW YORK (Dow Jones)--Cocoa prices inched higher Tuesday, drifting within
range during a seasonally light session.
Nearby cocoa for September delivery cocoa settled $7, or 0.2%, higher at
$2,980 a metric ton on ICE Futures U.S.
Cocoa prices have been seesawing within a narrow trading band since May. The
tight range coincides with an annual period of mild supply and demand. Incoming
beans taper off from West Africa--the world's top source of cocoa. Production
picks up between September and October, when cocoa manufacturers begin to stock
to meet chocolate demand during the holiday season.
"The summer tends to be the quiet time of year in this market," said Boyd
Cruel, senior softs analyst at Vision Financial Markets in Chicago.
The October contract is likely to continue within a $2,900 to $3,200 range
through the fall, Cruel said.
He added that cocoa prices have underlying psychological support as some
traders eye supplies held by the London exchange. NYSE Liffe cocoa rallied in
early July as a traders took delivery of nearly all of the exchange's supplies.
ICE futures jumped in sympathy. However, when it was revealed the receivers
were speculators rather than end-users, prices backed off. Cocoa traders
continue to eye the possibility of a similar runup when the October contract
expires.
The International Cocoa Organization estimates world production will fall
nearly 1% short of demand in the current 2009-10 season, which ends Sept. 30.
The amount of beans ground by confectioners to make chocolate is anticipated to
be 4% higher than last year at 3.579 million tons, the organization said in
late May. Demand for beans has rebounded from recession lows in tandem with the
world economy.
Volume was estimated 8,851 contracts through the settlement, according to
exchange data. In options, approximately 19 calls and 840 puts traded on the
floor in the same timeframe.
ICE cocoa open interest--the number of active positions left at the end of
the session--decreased by 328 positions Monday to total 125,620, the exchange
reported.
Close Change Range (To the point of settlement) Liffe Close
Change
Sep $2,980 +$7 $2,954-$3,026 Sep
GBP2,280 +GBP1
Dec $3,003 +$4 $2,978-$3,050 Dec
GPB2,170 +GBP2
lunes, 26 de julio de 2010
DJ ICE Cocoa Review: Modest Gains After Reaching Resistance
DOW JONES NEWSWIRES
Cocoa futures for September delivery inched higher Monday after an early
rally attempt was thwarted as the contract met chart-based resistance.
Most active September cocoa added $7, or 0.24%, to settle at $2,973 a ton on
ICE Futures U.S. in New York.
Cocoa futures are attempting to rebound from last week's lows as the effect
of the warehouse squeeze in London diminishes. The fact that nearly all of the
exchange stock on London's NYSE Liffe market was delivered to a large
speculative trader instead of a commercial account, or end-user of the
commodity, allowed futures to fall nearly 6% last week. The market is now
attempting to recover from those losses.
The early rally fizzled, however, when speculative buying pushed September to
a session high of $3,007, where it met resistance and follow-through buying
diminished. The session peak coincided with 100-day moving-average resistance,
where selling intensified.
Though prices dipped into negative territory for a time, cocoa futures
managed to close with modest gains as buying was uncovered near the lows.
"There's not a lot of fund activity coming in here to push the market higher.
The market is very quiet," said Sterling Smith, analyst at Country Hedging in
St. Paul, Minn.
While global supplies of cocoa are currently tight, they are deemed adequate
as summer is a time of subdued demand for chocolate. Top grower Ivory Coast has
already harvested its smaller mid-crop and producers won't begin gathering the
much larger main crop until late September or early October.
"Demand at this time of year is spotty and end-users are buying
hand-to-mouth," said Smith.
London cocoa futures fell as the pound strengthened against the dollar.
September cocoa traded on NYSE Euronext's Liffe lost GBP18, or 0.78%, to settle
at GBP2,279 a ton.
Open interest in ICE cocoa fell 74 to total 125,948 lots, the exchange
reported.
Futures volume is pegged at 7,295 lots, with 160 calls and 960 put options
traded.
ICE Change Range
Sep $2,973 up 7 2,945 - 3,007
Dec $2,999 up 6 2,973 - 3,034
*ICE settlements in dollars per metric ton with intraday range.
DOW JONES NEWSWIRES
Cocoa futures for September delivery inched higher Monday after an early
rally attempt was thwarted as the contract met chart-based resistance.
Most active September cocoa added $7, or 0.24%, to settle at $2,973 a ton on
ICE Futures U.S. in New York.
Cocoa futures are attempting to rebound from last week's lows as the effect
of the warehouse squeeze in London diminishes. The fact that nearly all of the
exchange stock on London's NYSE Liffe market was delivered to a large
speculative trader instead of a commercial account, or end-user of the
commodity, allowed futures to fall nearly 6% last week. The market is now
attempting to recover from those losses.
The early rally fizzled, however, when speculative buying pushed September to
a session high of $3,007, where it met resistance and follow-through buying
diminished. The session peak coincided with 100-day moving-average resistance,
where selling intensified.
Though prices dipped into negative territory for a time, cocoa futures
managed to close with modest gains as buying was uncovered near the lows.
"There's not a lot of fund activity coming in here to push the market higher.
The market is very quiet," said Sterling Smith, analyst at Country Hedging in
St. Paul, Minn.
While global supplies of cocoa are currently tight, they are deemed adequate
as summer is a time of subdued demand for chocolate. Top grower Ivory Coast has
already harvested its smaller mid-crop and producers won't begin gathering the
much larger main crop until late September or early October.
"Demand at this time of year is spotty and end-users are buying
hand-to-mouth," said Smith.
London cocoa futures fell as the pound strengthened against the dollar.
September cocoa traded on NYSE Euronext's Liffe lost GBP18, or 0.78%, to settle
at GBP2,279 a ton.
Open interest in ICE cocoa fell 74 to total 125,948 lots, the exchange
reported.
Futures volume is pegged at 7,295 lots, with 160 calls and 960 put options
traded.
ICE Change Range
Sep $2,973 up 7 2,945 - 3,007
Dec $2,999 up 6 2,973 - 3,034
*ICE settlements in dollars per metric ton with intraday range.
viernes, 23 de julio de 2010
DJ ICE Cocoa Review: Prices Higher As Supply Scare Fades
NEW YORK (Dow Jones)--Cocoa prices rose Friday for the first time in a week
as the market recovered its bearings following a false supply scare in Europe.
Nearby cocoa for September delivery cocoa settled $50, or 2%, higher at
$2,966 a metric ton on ICE Futures U.S.
Despite Friday's gains, cocoa prices still lost nearly 6% this week after it
was uncovered that most of the exchange stock on London's NYSE Liffe cocoa
market was delivered last week to a speculator rather than a commercial entity
that had need for the cocoa. The weak demand cue sent prices spiraling, though
speculative buying supported September at $2,900.
"Cocoa is still correcting in the wake of the July squeeze in London," a New
Jersey cocoa broker and analyst said.
End-users of cocoa, like confectioners and food manufacturers, have
confronted the Liffe with issues of market transparency and speculation that
they say can lead prices out of line with fundamentals. Those end-users said
speculative traders, such as banks and hedge funds, are driving up the market
for their own profit. Typically, only an confectioner or food manufacturer
would take delivery of exchange cocoa stocks as a last-ditch effort because the
beans weren't available on the cash market.
"The market was very disappointed in the fact that info coming out of that
purchase wasn't nearly as bullish as was first hoped," said James Cordier,
founder of OptionSellers.com in Tampa.
September cocoa will now gravitate toward the top of its recent price band
at $3,150 to $3,200, Cordier said. Fundamentals remain supportive to cocoa,
Cordier said.
The International Cocoa Organization estimates world production will fall
nearly 1% short of demand in the current 2009-10 season, which ends Sept. 30.
The amount of beans ground by confectioners to make chocolate is anticipated to
be 4% higher than last year at 3.579 million tons, the organization said in
late May.
Volume was estimated 12,468 contracts to the point of settlement, according
to exchange data. In options, approximately 30 calls and 624 puts traded on the
floor in the same time frame.
ICE cocoa open interest--the number of active positions left at the end of
the session--decreased by 540 positions Thursday to total 126,022, the exchange
reported.
Liffe September cocoa settled GBP24, or 1%, higher at GBP2,297 a ton.
Close Change Range (To the point of settlement)
Sep $2,966 +$50 $2,916-$2,971
Dec $2,993 +$51 $2,949-$2,998
NEW YORK (Dow Jones)--Cocoa prices rose Friday for the first time in a week
as the market recovered its bearings following a false supply scare in Europe.
Nearby cocoa for September delivery cocoa settled $50, or 2%, higher at
$2,966 a metric ton on ICE Futures U.S.
Despite Friday's gains, cocoa prices still lost nearly 6% this week after it
was uncovered that most of the exchange stock on London's NYSE Liffe cocoa
market was delivered last week to a speculator rather than a commercial entity
that had need for the cocoa. The weak demand cue sent prices spiraling, though
speculative buying supported September at $2,900.
"Cocoa is still correcting in the wake of the July squeeze in London," a New
Jersey cocoa broker and analyst said.
End-users of cocoa, like confectioners and food manufacturers, have
confronted the Liffe with issues of market transparency and speculation that
they say can lead prices out of line with fundamentals. Those end-users said
speculative traders, such as banks and hedge funds, are driving up the market
for their own profit. Typically, only an confectioner or food manufacturer
would take delivery of exchange cocoa stocks as a last-ditch effort because the
beans weren't available on the cash market.
"The market was very disappointed in the fact that info coming out of that
purchase wasn't nearly as bullish as was first hoped," said James Cordier,
founder of OptionSellers.com in Tampa.
September cocoa will now gravitate toward the top of its recent price band
at $3,150 to $3,200, Cordier said. Fundamentals remain supportive to cocoa,
Cordier said.
The International Cocoa Organization estimates world production will fall
nearly 1% short of demand in the current 2009-10 season, which ends Sept. 30.
The amount of beans ground by confectioners to make chocolate is anticipated to
be 4% higher than last year at 3.579 million tons, the organization said in
late May.
Volume was estimated 12,468 contracts to the point of settlement, according
to exchange data. In options, approximately 30 calls and 624 puts traded on the
floor in the same time frame.
ICE cocoa open interest--the number of active positions left at the end of
the session--decreased by 540 positions Thursday to total 126,022, the exchange
reported.
Liffe September cocoa settled GBP24, or 1%, higher at GBP2,297 a ton.
Close Change Range (To the point of settlement)
Sep $2,966 +$50 $2,916-$2,971
Dec $2,993 +$51 $2,949-$2,998
jueves, 22 de julio de 2010
DJ ICE Cocoa Review: Prices Slide; Trade Is Seasonally Light
NEW YORK (Dow Jones)--Cocoa prices slid Thursday without fresh cues to give
direction to the range-bound market.
Nearby cocoa for September delivery cocoa settled $19, or 0.6%, lower at
$2,916 a metric ton on ICE Futures U.S. The contract slid as low as $2,902
during the session--its lowest price since May 26.
Cocoa is trading within a seasonally light market timeframe that lasts until
near Oct. 1, the onset of the main harvest in West Africa. Demand also
typically picks up at that time, in line with holiday season demand in the U.S.
and Europe.
Cocoa prices have fallen 7% since July 16, when prices leapt higher behind
tight exchange stocks in London. Both ICE and NYSE Liffe prices have since
skidded lower when it was revealed that the buyer wasn't an end user of cocoa.
Prices are likely to idle in the near term, with support for September
futures at $2,900.
"The market is pretty fairly valued there," said Sterling Smith, market
analyst at Country Hedging in St. Paul, Minn. "That support should hold barring
any bizarre outside news."
The International Cocoa Organization estimates world production will fall
nearly 1% short of demand in the 2009-10 season, which ends Sep. 30. The amount
of beans ground by confectioners to make chocolate is anticipated to be 4%
higher than last year at 3.579 million tons, the organization said in late May.
Liffe September cocoa settled GBP13, or 0.6%, at GBP2,273 a ton.
Volume to the point of settlement was estimated 11,819 contracts, according
to exchange data. In options, approximately 664 calls and 238 puts traded on
the floor in that timeframe.
ICE cocoa open interest--the number of active positions left at the end of
the session--increased by 635 positions Wednesday to total 126,562, the
exchange reported.
Close Change Range (To the point of settlement)
Sep $2,916 -$19 $2,902-$2,970
Dec $2,942 -$18 $2,928-$2,991
NEW YORK (Dow Jones)--Cocoa prices slid Thursday without fresh cues to give
direction to the range-bound market.
Nearby cocoa for September delivery cocoa settled $19, or 0.6%, lower at
$2,916 a metric ton on ICE Futures U.S. The contract slid as low as $2,902
during the session--its lowest price since May 26.
Cocoa is trading within a seasonally light market timeframe that lasts until
near Oct. 1, the onset of the main harvest in West Africa. Demand also
typically picks up at that time, in line with holiday season demand in the U.S.
and Europe.
Cocoa prices have fallen 7% since July 16, when prices leapt higher behind
tight exchange stocks in London. Both ICE and NYSE Liffe prices have since
skidded lower when it was revealed that the buyer wasn't an end user of cocoa.
Prices are likely to idle in the near term, with support for September
futures at $2,900.
"The market is pretty fairly valued there," said Sterling Smith, market
analyst at Country Hedging in St. Paul, Minn. "That support should hold barring
any bizarre outside news."
The International Cocoa Organization estimates world production will fall
nearly 1% short of demand in the 2009-10 season, which ends Sep. 30. The amount
of beans ground by confectioners to make chocolate is anticipated to be 4%
higher than last year at 3.579 million tons, the organization said in late May.
Liffe September cocoa settled GBP13, or 0.6%, at GBP2,273 a ton.
Volume to the point of settlement was estimated 11,819 contracts, according
to exchange data. In options, approximately 664 calls and 238 puts traded on
the floor in that timeframe.
ICE cocoa open interest--the number of active positions left at the end of
the session--increased by 635 positions Wednesday to total 126,562, the
exchange reported.
Close Change Range (To the point of settlement)
Sep $2,916 -$19 $2,902-$2,970
Dec $2,942 -$18 $2,928-$2,991
miércoles, 21 de julio de 2010
DJ ICE Cocoa Review: Declines On Dollar Strength, Charts
DOW JONES NEWSWIRES
Cocoa futures for September delivery fell Wednesday in light trade amid
pressure from a strong U.S. dollar and chart-based selling.
Dollar strength is bearish for cocoa because it makes the commodity more
expensive for buyers in other currencies.
Most active September cocoa lost $42, or 1.4%, to settle at $2,935 a ton on
ICE Futures U.S. in New York.
Bearish sentiment in cocoa was also encouraged by a weak crude oil market and
mild losses in equities, which led to light speculative selling.
Now that cocoa has settled down after the huge delivery in the London market,
traders have resumed the market's downtrend. Cocoa has settled back into its
trading range, albeit at the lower end, with a lack of fresh news and
summertime doldrums weighing on futures.
"Despite the news we had a couple days ago about the huge delivery in London,
this is a slow time of the year for the market," said Boyd Cruel, senior softs
market analyst at Vision Financial Markets in Chicago.
While continued chart-based selling develops near the $2,900 level on
September, the market is expected to see solid support, he said.
On Wednesday, September held nearby chart support at the June 22 low of
$2,918, helping to prevent further losses.
If cocoa violates $2,900 support, however, bearish traders will next target
$2,794, said Cruel.
The market is also suffering as traders with long bets continue to exit those
bullish positions.
Cocoa arrivals in Brazil climbed to 80,449 bags in the week through July 18,
from 70,068 bags the previous week, the Commercial Association of Bahia said
recently. While arrivals are beginning to increase, they remain behind the pace
of recent years. Cocoa bean volumes are expected to increase further in the
coming weeks, said Thomas Hartmann, an analyst with the association.
Conditions in top grower Ivory Coast remain quiet, now that the mid-crop
harvest is essentially complete and as the coming main crop matures on the
trees.
London cocoa futures also fell following the weakness on ICE. September cocoa
traded on NYSE Euronext's Liffe lost GBP33, or 1.4%, to settle at GBP2,960 a
ton.
Open interest in cocoa fell 1,383 to total 125,927 lots, ICE reported.
Futures volume is pegged at 8,947 lots, with 1,787 calls and 934 put options
traded.
ICE Change Range
Sep $2,935 dn 42 2,924 - 3,007
Dec $2,960 dn 42 2,950 - 3,030
* ICE settlements in dollars per metric ton with intraday range.
DOW JONES NEWSWIRES
Cocoa futures for September delivery fell Wednesday in light trade amid
pressure from a strong U.S. dollar and chart-based selling.
Dollar strength is bearish for cocoa because it makes the commodity more
expensive for buyers in other currencies.
Most active September cocoa lost $42, or 1.4%, to settle at $2,935 a ton on
ICE Futures U.S. in New York.
Bearish sentiment in cocoa was also encouraged by a weak crude oil market and
mild losses in equities, which led to light speculative selling.
Now that cocoa has settled down after the huge delivery in the London market,
traders have resumed the market's downtrend. Cocoa has settled back into its
trading range, albeit at the lower end, with a lack of fresh news and
summertime doldrums weighing on futures.
"Despite the news we had a couple days ago about the huge delivery in London,
this is a slow time of the year for the market," said Boyd Cruel, senior softs
market analyst at Vision Financial Markets in Chicago.
While continued chart-based selling develops near the $2,900 level on
September, the market is expected to see solid support, he said.
On Wednesday, September held nearby chart support at the June 22 low of
$2,918, helping to prevent further losses.
If cocoa violates $2,900 support, however, bearish traders will next target
$2,794, said Cruel.
The market is also suffering as traders with long bets continue to exit those
bullish positions.
Cocoa arrivals in Brazil climbed to 80,449 bags in the week through July 18,
from 70,068 bags the previous week, the Commercial Association of Bahia said
recently. While arrivals are beginning to increase, they remain behind the pace
of recent years. Cocoa bean volumes are expected to increase further in the
coming weeks, said Thomas Hartmann, an analyst with the association.
Conditions in top grower Ivory Coast remain quiet, now that the mid-crop
harvest is essentially complete and as the coming main crop matures on the
trees.
London cocoa futures also fell following the weakness on ICE. September cocoa
traded on NYSE Euronext's Liffe lost GBP33, or 1.4%, to settle at GBP2,960 a
ton.
Open interest in cocoa fell 1,383 to total 125,927 lots, ICE reported.
Futures volume is pegged at 8,947 lots, with 1,787 calls and 934 put options
traded.
ICE Change Range
Sep $2,935 dn 42 2,924 - 3,007
Dec $2,960 dn 42 2,950 - 3,030
* ICE settlements in dollars per metric ton with intraday range.
martes, 20 de julio de 2010
Noticias cacao 20 julio
DJ ICE Cocoa Review: Slips As Dollar Gains, London Prices Ease
NEW YORK (Dow Jones)--Cocoa prices slid Tuesday under pressure from the
stronger dollar and weakness in the London market.
Nearby cocoa for September delivery settled $4, or 0.1%, lower at $2,977 a
metric ton on ICE Futures U.S. Cocoa prices have dropped 6% since Friday. The
market recently trekked higher on the back of massive demand for exchange
stocks in London. Liffe London cocoa ended GBP26, or 1%, lower Tuesday at
GBP2,319 a ton.
The dollar gained as traders avoided the euro ahead of the Friday release of
results from stress tests on European banks. Bearish housing data also added
strength to the greenback as signs of stalling U.S. economic recovery damp risk
appetite. Investors bought the safe-haven dollar, which made cocoa more
expensive in other currencies.
In effect, cocoa prices slumped.
"It seems to be a dollar play," said Jack Scoville, vice president at Price
Futures Group in Chicago.
A technical trader said the market is likely to move back to the recent range
of $2,920 to $3,100 basis September.
Cocoa is trading within a seasonally light market timeframe that lasts until
close to the onset of the main harvest in West Africa. Demand also typically
picks up at that time, in line with holiday season demand in the U.S. and
Europe.
Cocoa exports out of Ivory Coast's San Pedro port rose by 54% through the
year ended June 10, data show. Ivory Coast is the world's leading exporter of
cocoa.
ICE cocoa open interest--the number of active positions left at the end of
the session--decreased by 244 positions Monday to total 127,310, the exchange
reported.
Volume was estimated 14751 contracts, according to exchange data. In options,
approximately 824 calls and 727 puts traded.
Close Change Range (To the point of settlement)
Sep $2,977 -$4 $2,932-$3,025
Dec $3,002 -$2 $2,958-$3,031
NEW YORK (Dow Jones)--Cocoa prices slid Tuesday under pressure from the
stronger dollar and weakness in the London market.
Nearby cocoa for September delivery settled $4, or 0.1%, lower at $2,977 a
metric ton on ICE Futures U.S. Cocoa prices have dropped 6% since Friday. The
market recently trekked higher on the back of massive demand for exchange
stocks in London. Liffe London cocoa ended GBP26, or 1%, lower Tuesday at
GBP2,319 a ton.
The dollar gained as traders avoided the euro ahead of the Friday release of
results from stress tests on European banks. Bearish housing data also added
strength to the greenback as signs of stalling U.S. economic recovery damp risk
appetite. Investors bought the safe-haven dollar, which made cocoa more
expensive in other currencies.
In effect, cocoa prices slumped.
"It seems to be a dollar play," said Jack Scoville, vice president at Price
Futures Group in Chicago.
A technical trader said the market is likely to move back to the recent range
of $2,920 to $3,100 basis September.
Cocoa is trading within a seasonally light market timeframe that lasts until
close to the onset of the main harvest in West Africa. Demand also typically
picks up at that time, in line with holiday season demand in the U.S. and
Europe.
Cocoa exports out of Ivory Coast's San Pedro port rose by 54% through the
year ended June 10, data show. Ivory Coast is the world's leading exporter of
cocoa.
ICE cocoa open interest--the number of active positions left at the end of
the session--decreased by 244 positions Monday to total 127,310, the exchange
reported.
Volume was estimated 14751 contracts, according to exchange data. In options,
approximately 824 calls and 727 puts traded.
Close Change Range (To the point of settlement)
Sep $2,977 -$4 $2,932-$3,025
Dec $3,002 -$2 $2,958-$3,031
lunes, 19 de julio de 2010
Noticias cacao 19 julio
DJ ICE Cocoa Review: September Falls 5.8% As Supply Worries Ebb
DOW JONES NEWSWIRES
Cocoa futures for September delivery plummeted 5.8% on speculative fund-led
selling as concerns eased over a massive warehouse squeeze in London.
Most active September cocoa fell $184 on Monday to settle at $2,981 a ton on
ICE Futures U.S. in New York.
Cocoa futures last week had rallied to 10-week highs over worries that much
of Europe's warehouse inventories were being locked up by a large entity, at a
time when global supplies were already seasonally tight. Now that it is now
known that the large entity was a speculative hedge fund, and not an end-user
of cocoa, initial worries were soothed and traders sold.
"The complexion of the market changes because now we don't necessarily have a
problem with how much cocoa is going to be coming into the real world. What we
have here is a warehouse squeeze," said Sterling Smith, analyst at Country
Hedging in St. Paul.
U.K. trading house Armajaro, while not the only participant taking delivery
of London cocoa, was the largest. The cocoa was secured through a number of
trading houses, including BNP Paribas Commodities Futures Ltd. and nine other
brokers. In total they took delivery on 240,100 tons of cocoa, valued at as
much as $1 billion. BNP Paribas alone took possession of 102,450 tons, valued
at about $427 million.
Armajaro runs five hedge funds including cocoa and coffee-focused CC+ Fund.
The selling in New York cocoa intensified when speculative traders pressed
the market down through chart-based support, activating pre-programmed sell
orders. From there, September cocoa tumbled to a 1 1/2-week low of $2,946.
While cocoa supplies are seasonally tight before top-grower Ivory Coast
harvests its main crop beginning in October, there is enough to meet current
demand.
"The world's not short of cocoa. This was a maneuver that the funds made, but
it's ending poorly for cocoa," said James Cordier, analyst and president of
Liberty Trading Group in Tampa.
With the selloff, cocoa futures are back around $3,000, a level they had been
trading at for the last few months.
London cocoa futures also fell following the weakness on ICE. September cocoa
traded on NYSE Euronext's Liffe fell GBP100, or 4.1%, to settle at GBP2,345 a
ton.
Open interest in cocoa rose 750 to total 127,554 lots, ICE reported.
Futures volume is pegged at 25,795 lots, with 310 calls and 282 put options
traded.
ICE Change Range
Sep $2,981 dn 184 2,946 - 3,185
* ICE settlements in dollars per metric ton with intraday range.
DOW JONES NEWSWIRES
Cocoa futures for September delivery plummeted 5.8% on speculative fund-led
selling as concerns eased over a massive warehouse squeeze in London.
Most active September cocoa fell $184 on Monday to settle at $2,981 a ton on
ICE Futures U.S. in New York.
Cocoa futures last week had rallied to 10-week highs over worries that much
of Europe's warehouse inventories were being locked up by a large entity, at a
time when global supplies were already seasonally tight. Now that it is now
known that the large entity was a speculative hedge fund, and not an end-user
of cocoa, initial worries were soothed and traders sold.
"The complexion of the market changes because now we don't necessarily have a
problem with how much cocoa is going to be coming into the real world. What we
have here is a warehouse squeeze," said Sterling Smith, analyst at Country
Hedging in St. Paul.
U.K. trading house Armajaro, while not the only participant taking delivery
of London cocoa, was the largest. The cocoa was secured through a number of
trading houses, including BNP Paribas Commodities Futures Ltd. and nine other
brokers. In total they took delivery on 240,100 tons of cocoa, valued at as
much as $1 billion. BNP Paribas alone took possession of 102,450 tons, valued
at about $427 million.
Armajaro runs five hedge funds including cocoa and coffee-focused CC+ Fund.
The selling in New York cocoa intensified when speculative traders pressed
the market down through chart-based support, activating pre-programmed sell
orders. From there, September cocoa tumbled to a 1 1/2-week low of $2,946.
While cocoa supplies are seasonally tight before top-grower Ivory Coast
harvests its main crop beginning in October, there is enough to meet current
demand.
"The world's not short of cocoa. This was a maneuver that the funds made, but
it's ending poorly for cocoa," said James Cordier, analyst and president of
Liberty Trading Group in Tampa.
With the selloff, cocoa futures are back around $3,000, a level they had been
trading at for the last few months.
London cocoa futures also fell following the weakness on ICE. September cocoa
traded on NYSE Euronext's Liffe fell GBP100, or 4.1%, to settle at GBP2,345 a
ton.
Open interest in cocoa rose 750 to total 127,554 lots, ICE reported.
Futures volume is pegged at 25,795 lots, with 310 calls and 282 put options
traded.
ICE Change Range
Sep $2,981 dn 184 2,946 - 3,185
* ICE settlements in dollars per metric ton with intraday range.
viernes, 16 de julio de 2010
Noticias cacao 16 julio
DJ ICE Cocoa Review: Rises Behind London Gains; Strong Demand
NEW YORK (Dow Jones)--Cocoa prices bucked the weak market trend Friday and
pushed higher behind undeniable demand cues on the London market.
Nearby cocoa for September delivery cocoa settled $21, or 0.6%, higher at
$3,165 a metric ton on ICE Futures U.S. The contract rose nearly 6% this year
Liffe September cocoa settled GBP26, or 1%, at GBP2,445 a ton, off of the
GBP2,470 high.
U.S. equities and commodities tumbled Friday with news of bearish
second-quarter earnings and weaker U.S. consumer confidence data. Cocoa,
however, rose following strong demand signals as trading houses took delivery
of 240,100 tons of cocoa on London's NYSE Liffe. The second-largest delivery in
history comes amid a seasonally tight timeframe leading up to the West Africa
harvest in the fall.
"It's the short time of year [for supply] over there," said Jack Scoville,
vice president at Price Futures Group in Chicago. "One would assume they must
have a customer that needs it."
Demand has proven to be on the rise as cocoa grindings in major consumers
showed a marked jump from last year. Processors grind beans to produce the
cocoa butter and powder used in chocolate and chocolate-flavored foods.
The North American cocoa grind rose by 12.07% to 117,657 metric tons,
according to the National Confectioners Association. The German Confectionary
Industry said their grind climbed 11% to 83,879 metric tons. The rest of
European--the world's leading chocolate consumer--grindings rose 12.7% to
328,704 metric tons.
Scoville said cocoa prices could hold firm until new supplies hit the market.
The harvest in Ivory Coast, the world's top cocoa producer and exporter, begins
Oct. 1.
"Right now there just isn't the selling pressure from origin to keep the
prices down," Scoville said.
ICE cocoa open interest--the number of active positions left at the end of
the session--increased by 159 positions Thursday to total 126,804, the exchange
reported.
Volume was estimated 16,419 contracts, according to exchange data. In
options, approximately 2,197 calls and 1,627 puts traded during the same time
frame.
Close Change Range (To the point of settlement)
Sep $3,165 +$21 $3,138-$3,210
Dec $3,178 +$19 $3,150-$3,218
NEW YORK (Dow Jones)--Cocoa prices bucked the weak market trend Friday and
pushed higher behind undeniable demand cues on the London market.
Nearby cocoa for September delivery cocoa settled $21, or 0.6%, higher at
$3,165 a metric ton on ICE Futures U.S. The contract rose nearly 6% this year
Liffe September cocoa settled GBP26, or 1%, at GBP2,445 a ton, off of the
GBP2,470 high.
U.S. equities and commodities tumbled Friday with news of bearish
second-quarter earnings and weaker U.S. consumer confidence data. Cocoa,
however, rose following strong demand signals as trading houses took delivery
of 240,100 tons of cocoa on London's NYSE Liffe. The second-largest delivery in
history comes amid a seasonally tight timeframe leading up to the West Africa
harvest in the fall.
"It's the short time of year [for supply] over there," said Jack Scoville,
vice president at Price Futures Group in Chicago. "One would assume they must
have a customer that needs it."
Demand has proven to be on the rise as cocoa grindings in major consumers
showed a marked jump from last year. Processors grind beans to produce the
cocoa butter and powder used in chocolate and chocolate-flavored foods.
The North American cocoa grind rose by 12.07% to 117,657 metric tons,
according to the National Confectioners Association. The German Confectionary
Industry said their grind climbed 11% to 83,879 metric tons. The rest of
European--the world's leading chocolate consumer--grindings rose 12.7% to
328,704 metric tons.
Scoville said cocoa prices could hold firm until new supplies hit the market.
The harvest in Ivory Coast, the world's top cocoa producer and exporter, begins
Oct. 1.
"Right now there just isn't the selling pressure from origin to keep the
prices down," Scoville said.
ICE cocoa open interest--the number of active positions left at the end of
the session--increased by 159 positions Thursday to total 126,804, the exchange
reported.
Volume was estimated 16,419 contracts, according to exchange data. In
options, approximately 2,197 calls and 1,627 puts traded during the same time
frame.
Close Change Range (To the point of settlement)
Sep $3,165 +$21 $3,138-$3,210
Dec $3,178 +$19 $3,150-$3,218
jueves, 15 de julio de 2010
Noticias cacao 15 julio
DJ ICE Cocoa Review: Slips; London Expiry Stokes Supply Concerns
NEW YORK (Dow Jones)--New York cocoa prices slipped Thursday, while the
London market spiked to fresh 33-year highs as NYSE Liffe scrambled to shore up
stockpiles of the bean to meet potential demand from holders of futures
contract.
ICE Futures U.S. July cocoa settled down $67, or 2%, at $3,067 a metric ton.
July Liffe cocoa futures expired Thursday and 24,866 contracts were still
outstanding, an unusually high number especially during a season when supplies
of cocoa beans, which are ground into powder and butter to make chocolate, are
thinnest. These contracts represent cocoa beans worth almost GBP680 million.
Liffe, whose cocoa market has been criticized for lacking transparency, was
scrambling to certify that beans being delivered met quality standards, an
indication that actual physical deliveries against the contract would also be
high.
Market participants still holding contracts still have time to decide how
deliveries will be handled, and more information will become available on
Friday, the first day that traders can telegraph their intentions to take
ownership of actual cocoa beans.
The supply situation for the futures contract, however, is coming down to the
wire, a reflection of tightening supplies in the global market.
According to the latest figures from Liffe, 246,810 metric tons of cocoa were
available for delivery, which is just short of the 248,660 that could
theoretically be claimed.
Cocoa end-users, like confectioners and food manufacturers, have complained
about Liffe's lack of transparency, which they say creates a breeding ground
for price volatility.
Earlier this month, 16 European market participants sent a letter to the
exchange and the U.K.'s financial services regulator protesting the recent
price rise. Commercial users of cocoa say the market has been inundated with
speculative investors.
"Industries dependent on trade will have to bypass the exchange," said
Andreas Christiansen, chairman of the German Cocoa Trade Association, a trade
group that including 28 members of the cocoa industry. "They must take action
to move away from pure speculation."
Cocoa beans historically have been difficult to procure due to political
instability and civil unrest in big growers such as the Ivory Coast. The
International Cocoa Organization in May said that global cocoa output would
fall short of demand by 1% in the current marketing year. At the same time,
there are indications that demand is rebounding from recession lows. The number
of beans ground in North America during the second quarter were 12% higher
compared with the same period in 2009. Europe has also seen higher demand.
ICE trading volume was estimated 11,445 contracts, according to exchange
data. In options, approximately 217 calls and 3 puts traded.
ICE cocoa open interest--the number of active positions left at the end of
the session--increased by 3,222 positions Wednesday to total 126,645, the
exchange reported.
Close Change Range (To the point of settlement)
Jly $3,067 -$67 $3,067-$3,067
Sep $3,144 -$ 9 $3,116-$3,160
NEW YORK (Dow Jones)--New York cocoa prices slipped Thursday, while the
London market spiked to fresh 33-year highs as NYSE Liffe scrambled to shore up
stockpiles of the bean to meet potential demand from holders of futures
contract.
ICE Futures U.S. July cocoa settled down $67, or 2%, at $3,067 a metric ton.
July Liffe cocoa futures expired Thursday and 24,866 contracts were still
outstanding, an unusually high number especially during a season when supplies
of cocoa beans, which are ground into powder and butter to make chocolate, are
thinnest. These contracts represent cocoa beans worth almost GBP680 million.
Liffe, whose cocoa market has been criticized for lacking transparency, was
scrambling to certify that beans being delivered met quality standards, an
indication that actual physical deliveries against the contract would also be
high.
Market participants still holding contracts still have time to decide how
deliveries will be handled, and more information will become available on
Friday, the first day that traders can telegraph their intentions to take
ownership of actual cocoa beans.
The supply situation for the futures contract, however, is coming down to the
wire, a reflection of tightening supplies in the global market.
According to the latest figures from Liffe, 246,810 metric tons of cocoa were
available for delivery, which is just short of the 248,660 that could
theoretically be claimed.
Cocoa end-users, like confectioners and food manufacturers, have complained
about Liffe's lack of transparency, which they say creates a breeding ground
for price volatility.
Earlier this month, 16 European market participants sent a letter to the
exchange and the U.K.'s financial services regulator protesting the recent
price rise. Commercial users of cocoa say the market has been inundated with
speculative investors.
"Industries dependent on trade will have to bypass the exchange," said
Andreas Christiansen, chairman of the German Cocoa Trade Association, a trade
group that including 28 members of the cocoa industry. "They must take action
to move away from pure speculation."
Cocoa beans historically have been difficult to procure due to political
instability and civil unrest in big growers such as the Ivory Coast. The
International Cocoa Organization in May said that global cocoa output would
fall short of demand by 1% in the current marketing year. At the same time,
there are indications that demand is rebounding from recession lows. The number
of beans ground in North America during the second quarter were 12% higher
compared with the same period in 2009. Europe has also seen higher demand.
ICE trading volume was estimated 11,445 contracts, according to exchange
data. In options, approximately 217 calls and 3 puts traded.
ICE cocoa open interest--the number of active positions left at the end of
the session--increased by 3,222 positions Wednesday to total 126,645, the
exchange reported.
Close Change Range (To the point of settlement)
Jly $3,067 -$67 $3,067-$3,067
Sep $3,144 -$ 9 $3,116-$3,160
miércoles, 14 de julio de 2010
Noticias cacao 14 julio
DJ ICE Cocoa Review: September Rallies 3.6% On EU Grind, London
DOW JONES NEWSWIRES
Cocoa futures rallied to 9 1/2-week highs Wednesday, riding a wave of
improved demand expectations following stronger-than-expected reports on
European consumption.
Most active September cocoa gained $108, or 3.6%, to settle at $3,153 a
metric ton on ICE Futures U.S. in New York.
Thinly traded July rose $108, or 3.6%, to $3,134 a ton.
Cocoa grindings--the amount of cocoa beans ground into powder to make cocoa,
cocoa products and chocolate--hit 328,704 tons in the second quarter, up 12.7%
on the year, the European Cocoa Association said Wednesday. The report marks
the third-consecutive quarter of higher grindings, proof that consumption
continues to pick up after the global economic recession that hit demand in
2009.
Speculative buying took ICE cocoa higher. Smaller amounts of producer, or
end-users of the commodity, selling were seen at the highs.
The increase in grindings comes at a time when cocoa supplies are shrinking,
as top grower Ivory Coast harvests smaller crops due to aging orchards and a
lack of investment in the sector. Growers' preference for more lucrative rubber
trees has also hurt cocoa output.
Ivory Coast producers are harvesting the smaller mid-crop and supplies won't
increase significantly until October when the much larger main-crop harvest
begins.
Traders have also been concerned about excessive rainfall in western Africa,
as too much moisture and not enough sunshine to adequately dry the beans can
foster disease and degrade bean quality, a trader said.
The strong EU data may be a harbinger of second-quarter North American
grindings, which are scheduled for release on Thursday.
"Certainly people would make that type of assumption," said Jack Scoville,
analyst and vice president at Price Futures Group in Chicago.
In the first quarter, North American grindings rose 16.2% to 116,122 tons.
London cocoa closed at record highs. September cocoa traded on NYSE
Euronext's Liffe rallied GBP39, or 1.6%, to settle at GBP2,436 a ton. The
contract peaked at $2,465, the highest price for cocoa in 23 years.
Open interest in cocoa rose 491 to total 123,423 lots, ICE reported. Just 12
positions remained open in July ahead of its expiration on Thursday.
Futures volume is pegged at 21,064 lots, with 831 calls and 974 put options
traded.
ICE Change Range
July $3,134 up 108 3,131 - 3,134
Sep $3,153 up 108 3,055 - 3,164
* ICE settlements in dollars per metric ton with intraday range.
DOW JONES NEWSWIRES
Cocoa futures rallied to 9 1/2-week highs Wednesday, riding a wave of
improved demand expectations following stronger-than-expected reports on
European consumption.
Most active September cocoa gained $108, or 3.6%, to settle at $3,153 a
metric ton on ICE Futures U.S. in New York.
Thinly traded July rose $108, or 3.6%, to $3,134 a ton.
Cocoa grindings--the amount of cocoa beans ground into powder to make cocoa,
cocoa products and chocolate--hit 328,704 tons in the second quarter, up 12.7%
on the year, the European Cocoa Association said Wednesday. The report marks
the third-consecutive quarter of higher grindings, proof that consumption
continues to pick up after the global economic recession that hit demand in
2009.
Speculative buying took ICE cocoa higher. Smaller amounts of producer, or
end-users of the commodity, selling were seen at the highs.
The increase in grindings comes at a time when cocoa supplies are shrinking,
as top grower Ivory Coast harvests smaller crops due to aging orchards and a
lack of investment in the sector. Growers' preference for more lucrative rubber
trees has also hurt cocoa output.
Ivory Coast producers are harvesting the smaller mid-crop and supplies won't
increase significantly until October when the much larger main-crop harvest
begins.
Traders have also been concerned about excessive rainfall in western Africa,
as too much moisture and not enough sunshine to adequately dry the beans can
foster disease and degrade bean quality, a trader said.
The strong EU data may be a harbinger of second-quarter North American
grindings, which are scheduled for release on Thursday.
"Certainly people would make that type of assumption," said Jack Scoville,
analyst and vice president at Price Futures Group in Chicago.
In the first quarter, North American grindings rose 16.2% to 116,122 tons.
London cocoa closed at record highs. September cocoa traded on NYSE
Euronext's Liffe rallied GBP39, or 1.6%, to settle at GBP2,436 a ton. The
contract peaked at $2,465, the highest price for cocoa in 23 years.
Open interest in cocoa rose 491 to total 123,423 lots, ICE reported. Just 12
positions remained open in July ahead of its expiration on Thursday.
Futures volume is pegged at 21,064 lots, with 831 calls and 974 put options
traded.
ICE Change Range
July $3,134 up 108 3,131 - 3,134
Sep $3,153 up 108 3,055 - 3,164
* ICE settlements in dollars per metric ton with intraday range.
martes, 13 de julio de 2010
Noticias cacao 13 julio
DJ ICE Cocoa Review: Higher; Commodity Strength, Weather
DOW JONES NEWSWIRES
Cocoa futures climbed to 1 1/2-week highs Tuesday on commodity strength, a
weak U.S. dollar and concerns over too much moisture in top grower Ivory Coast.
Most active September cocoa added $56, or 1.9%, to settle at $3,045 a metric
ton on ICE Futures U.S. in New York.
Thinly traded July rose $64, or 2.2%, to end at $3,026 a ton.
Much of cocoa's strength was attributed to speculative funds buying
commodities as traders added riskier commodity bets to their portfolios. A gain
of 1.5% in the Dow Jones Industrial Average also improved investors' moods and
encouraged buying, said James Cordier, analyst and president of Liberty Trading
Group in Tampa.
Gains in the commodity indexes reflect a sturdy appetite for commodities, he
said.
The dollar softened against the world's major currencies, providing a
supportive background for commodities. A weak dollar is normally bullish for
cocoa as it makes the commodity cheaper in other currencies.
Traders are also concerned about too much moisture in Western Africa, which
could lead to disease.
While scattered showers and thundershowers provide favorable moisture for the
cocoa pods, too much rain increases the chance of disease, said private
forecaster DTN Meteorlogix.
The risk is that if the rains do not subside and allow sunshine to dry the
pods, the moisture may increase disease pressure on the crop.
Ivory Coast declared 25,144 tons of cocoa for export in the 14 days to July
7, down 4.5% from the comparable year-ago period, government data showed.
Exports are down as growers pick the much smaller mid crop and ahead of the
much larger main harvest in October.
In other news, the U.S. imported 6% more cocoa beans in May than it did in
April, though imports were down 15.7% from one year ago, data from the Commerce
Department showed.
Despite cocoa's gains, September remains in the trading range it has been in
for months, from a low of $2,800 to a high around $3,200 a pound.
ICE warehouse stocks of cocoa fell 30,187 145-pound bags to total 4.073
million bags.
London cocoa closed with modest gains. September cocoa traded on NYSE
Euronext's Liffe added GBP11, or 0.46%, to settle at GBP2,397 a ton.
Open interest in cocoa rose 735 to total 122,932 lots, ICE reported. Just 13
positions remained open in July ahead of its July 15 expiration.
Futures volume is pegged at 9,294 lots, with 599 calls and 447 put options
traded.
ICE Change Range
July $3,026 up 64 3,004 - 3,026
Sep $3,045 up 56 2,986 - 3,052
* ICE settlements in dollars per metric ton with intraday range.
DOW JONES NEWSWIRES
Cocoa futures climbed to 1 1/2-week highs Tuesday on commodity strength, a
weak U.S. dollar and concerns over too much moisture in top grower Ivory Coast.
Most active September cocoa added $56, or 1.9%, to settle at $3,045 a metric
ton on ICE Futures U.S. in New York.
Thinly traded July rose $64, or 2.2%, to end at $3,026 a ton.
Much of cocoa's strength was attributed to speculative funds buying
commodities as traders added riskier commodity bets to their portfolios. A gain
of 1.5% in the Dow Jones Industrial Average also improved investors' moods and
encouraged buying, said James Cordier, analyst and president of Liberty Trading
Group in Tampa.
Gains in the commodity indexes reflect a sturdy appetite for commodities, he
said.
The dollar softened against the world's major currencies, providing a
supportive background for commodities. A weak dollar is normally bullish for
cocoa as it makes the commodity cheaper in other currencies.
Traders are also concerned about too much moisture in Western Africa, which
could lead to disease.
While scattered showers and thundershowers provide favorable moisture for the
cocoa pods, too much rain increases the chance of disease, said private
forecaster DTN Meteorlogix.
The risk is that if the rains do not subside and allow sunshine to dry the
pods, the moisture may increase disease pressure on the crop.
Ivory Coast declared 25,144 tons of cocoa for export in the 14 days to July
7, down 4.5% from the comparable year-ago period, government data showed.
Exports are down as growers pick the much smaller mid crop and ahead of the
much larger main harvest in October.
In other news, the U.S. imported 6% more cocoa beans in May than it did in
April, though imports were down 15.7% from one year ago, data from the Commerce
Department showed.
Despite cocoa's gains, September remains in the trading range it has been in
for months, from a low of $2,800 to a high around $3,200 a pound.
ICE warehouse stocks of cocoa fell 30,187 145-pound bags to total 4.073
million bags.
London cocoa closed with modest gains. September cocoa traded on NYSE
Euronext's Liffe added GBP11, or 0.46%, to settle at GBP2,397 a ton.
Open interest in cocoa rose 735 to total 122,932 lots, ICE reported. Just 13
positions remained open in July ahead of its July 15 expiration.
Futures volume is pegged at 9,294 lots, with 599 calls and 447 put options
traded.
ICE Change Range
July $3,026 up 64 3,004 - 3,026
Sep $3,045 up 56 2,986 - 3,052
* ICE settlements in dollars per metric ton with intraday range.
lunes, 12 de julio de 2010
Noticias cacao 12 julio
DJ ICE Cocoa Review: Falters As Commodities Lose, Dollar Gains
NEW YORK (Dow Jones)--Cocoa prices slipped Monday as on the back of
broad-based commodities losses attributed to the stronger dollar.
Nearby cocoa for July delivery cocoa settled $1, or 0.03%, lower at $2,962 a
metric ton on ICE Futures U.S. The most actively traded September contract
settled $7, or 0.2%, lower at $2,989 a ton.
The greenback firmed as investors sought safe bets in front of the upcoming
second-quarter earnings season. Commodities including metals and energies were
lower during the cocoa session as traders sold those riskier bets. At the same
time, a stronger dollar makes commodities in that currency more costly.
Cocoa is also looking for outside cues in a season of light trade. Cocoa bean
production slows between April and September. Chocolate consumption in the
Northern Hemisphere also eases at that time. Trading volume picks back up in
the fall. At that time, Ivory Coast, the leading exporter, begins its main crop
harvest. Meanwhile, confectioners buy beans ahead of the holiday season to meet
demand in the U.S. and Europe.
"The cocoa market continues its quiet summertime trade," said Sterling Smith,
market analyst at Country Hedging in St. Paul, Minn.
September cocoa prices are locked in a narrow range from $2,950 to $3,050 a
ton, he said.
Though the market lost ground Monday, cocoa prices are still 12% higher than
they were a year ago. The market has support on outlooks that the beans grown
this season, most of which have been harvested, will not meet demand from
manufacturers of chocolate, the leading use of cocoa.
The International Cocoa Organization estimates world production will fall
nearly 1% short of demand in the 2009-10 season, which ends Sep. 30. The amount
of beans ground by confectioners to make chocolate is anticipated 4% higher
than last year at 3.579 million tons, the organization said in late May.
ICE cocoa open interest--the number of active positions left at the end of
the session--decreased by 598 positions Friday to total 122,197, the exchange
reported.
Volume through the settlement was estimated 8,347 contracts, according to
exchange data. In options, approximately 12 calls and 17 puts traded in the
same timeframe.
Close Change Range (To the point of settlement) Liffe
Close Change
Jly $2,962 -$1 $2,962-$2,962 Jly
GBP2,621 +GBP8
Sep $2,989 -$7 $2,971-$3,013 Sep
GBP2,386 +GBP1
NEW YORK (Dow Jones)--Cocoa prices slipped Monday as on the back of
broad-based commodities losses attributed to the stronger dollar.
Nearby cocoa for July delivery cocoa settled $1, or 0.03%, lower at $2,962 a
metric ton on ICE Futures U.S. The most actively traded September contract
settled $7, or 0.2%, lower at $2,989 a ton.
The greenback firmed as investors sought safe bets in front of the upcoming
second-quarter earnings season. Commodities including metals and energies were
lower during the cocoa session as traders sold those riskier bets. At the same
time, a stronger dollar makes commodities in that currency more costly.
Cocoa is also looking for outside cues in a season of light trade. Cocoa bean
production slows between April and September. Chocolate consumption in the
Northern Hemisphere also eases at that time. Trading volume picks back up in
the fall. At that time, Ivory Coast, the leading exporter, begins its main crop
harvest. Meanwhile, confectioners buy beans ahead of the holiday season to meet
demand in the U.S. and Europe.
"The cocoa market continues its quiet summertime trade," said Sterling Smith,
market analyst at Country Hedging in St. Paul, Minn.
September cocoa prices are locked in a narrow range from $2,950 to $3,050 a
ton, he said.
Though the market lost ground Monday, cocoa prices are still 12% higher than
they were a year ago. The market has support on outlooks that the beans grown
this season, most of which have been harvested, will not meet demand from
manufacturers of chocolate, the leading use of cocoa.
The International Cocoa Organization estimates world production will fall
nearly 1% short of demand in the 2009-10 season, which ends Sep. 30. The amount
of beans ground by confectioners to make chocolate is anticipated 4% higher
than last year at 3.579 million tons, the organization said in late May.
ICE cocoa open interest--the number of active positions left at the end of
the session--decreased by 598 positions Friday to total 122,197, the exchange
reported.
Volume through the settlement was estimated 8,347 contracts, according to
exchange data. In options, approximately 12 calls and 17 puts traded in the
same timeframe.
Close Change Range (To the point of settlement) Liffe
Close Change
Jly $2,962 -$1 $2,962-$2,962 Jly
GBP2,621 +GBP8
Sep $2,989 -$7 $2,971-$3,013 Sep
GBP2,386 +GBP1
viernes, 9 de julio de 2010
Noticias cacao 09 julio
DJ ICE Cocoa Review: Higher On Commodity Strength
DOW JONES NEWSWIRES
Cocoa futures rose Friday, having bounced technically from a weak close
Thursday, supported by the overall gains in commodities and on chart-based
buying.
Most active September cocoa added $27, or 0.91%, Friday, to settle at $2,996
a metric ton on ICE Futures U.S. in New York.
Thinly traded July rose $24, or 0.82%, to end at $2,963 a ton.
Gains in the commodity indexes encouraged speculative buying in cocoa, along
with chart-based buying as the market rebounded from modest losses Thursday.
Firm equities were an early supportive influence on commodities, and thus
cocoa. The stock market later turned mixed in choppy activity ahead of the
weekend, encouraging traders to take profits in cocoa.
Cocoa continues to suffer from a lack of fresh fundamental news during what
is a seasonally quiet time of the year. Top producer Ivory Coast continues to
harvest the smaller midcrop beans, while the much larger main crop harvest
won't begin until October.
The lack of news allows September cocoa to trade in the $2,800-$3,250 range
it has essentially been in now for months, said Spencer Patton, analyst and
chief investment officer at Steel Vince Investments in Chicago.
While futures fluctuate within those parameters, cocoa traders are extremely
comfortable with futures prices in this range during what is a seasonally slack
demand period, he explained.
Activity tends to pick up in the fall as Ivory Coast begins to harvest its
main crop and as the holiday season strengthens demand for chocolate.
Heavy rain in Nigeria's southeastern Cross River state in the past three
weeks has subsided and farmers are beginning to resume the cocoa harvest. Cross
River is the largest cocoa producer in Nigeria's southeastern region and the
second largest in the country.
The moisture has led to reports of black pod disease, which the farmers are
busy battling to keep from spreading. Now that the rains have subsided,
producers are able to combat the disease more effectively, traders said.
After initially trading lower on profit-taking pressure, London cocoa closed
firm on the gains in New York. September cocoa traded on NYSE Euronext's Liffe
added GBP5, or 0.21%, to settle at GBP2,385 a ton.
Open interest in cocoa rose 821 to total 122,795 lots, ICE reported. A total
of 143 positions remained open in July ahead of its July 15 expiration.
Futures volume is pegged at 7,835 lots, with 350 calls and 360 put options
traded.
ICE Change Range
July $2,963 up 24 2,963 - 2,963
Sep $2,996 up 27 2,965 - 3,025
* ICE settlements in dollars per metric ton with intraday range.
DOW JONES NEWSWIRES
Cocoa futures rose Friday, having bounced technically from a weak close
Thursday, supported by the overall gains in commodities and on chart-based
buying.
Most active September cocoa added $27, or 0.91%, Friday, to settle at $2,996
a metric ton on ICE Futures U.S. in New York.
Thinly traded July rose $24, or 0.82%, to end at $2,963 a ton.
Gains in the commodity indexes encouraged speculative buying in cocoa, along
with chart-based buying as the market rebounded from modest losses Thursday.
Firm equities were an early supportive influence on commodities, and thus
cocoa. The stock market later turned mixed in choppy activity ahead of the
weekend, encouraging traders to take profits in cocoa.
Cocoa continues to suffer from a lack of fresh fundamental news during what
is a seasonally quiet time of the year. Top producer Ivory Coast continues to
harvest the smaller midcrop beans, while the much larger main crop harvest
won't begin until October.
The lack of news allows September cocoa to trade in the $2,800-$3,250 range
it has essentially been in now for months, said Spencer Patton, analyst and
chief investment officer at Steel Vince Investments in Chicago.
While futures fluctuate within those parameters, cocoa traders are extremely
comfortable with futures prices in this range during what is a seasonally slack
demand period, he explained.
Activity tends to pick up in the fall as Ivory Coast begins to harvest its
main crop and as the holiday season strengthens demand for chocolate.
Heavy rain in Nigeria's southeastern Cross River state in the past three
weeks has subsided and farmers are beginning to resume the cocoa harvest. Cross
River is the largest cocoa producer in Nigeria's southeastern region and the
second largest in the country.
The moisture has led to reports of black pod disease, which the farmers are
busy battling to keep from spreading. Now that the rains have subsided,
producers are able to combat the disease more effectively, traders said.
After initially trading lower on profit-taking pressure, London cocoa closed
firm on the gains in New York. September cocoa traded on NYSE Euronext's Liffe
added GBP5, or 0.21%, to settle at GBP2,385 a ton.
Open interest in cocoa rose 821 to total 122,795 lots, ICE reported. A total
of 143 positions remained open in July ahead of its July 15 expiration.
Futures volume is pegged at 7,835 lots, with 350 calls and 360 put options
traded.
ICE Change Range
July $2,963 up 24 2,963 - 2,963
Sep $2,996 up 27 2,965 - 3,025
* ICE settlements in dollars per metric ton with intraday range.
jueves, 8 de julio de 2010
Noticias cacao 08 julio
DJ ICE Cocoa Review: Slips, Seeks Direction In Tight Range
NEW YORK (Dow Jones)--Cocoa prices ended marginally lower Thursday as the
market searches for cues to pry it out of a tight trading range.
Nearby cocoa for July delivery cocoa settled $2, or 0.07% lower, at $2,939 a
metric ton on ICE Futures U.S. The most actively traded September contract
ended $12, or 0.5% lower at $2,969 a ton.
Cocoa prices have held sideways in a range of roughly $2,950 to $3,050 since
July began. Demand is slow as consumers turn toward cooler treats and away from
chocolate--the primary use of cocoa--during summer in the Northern Hemisphere.
At the same time, production slows in West Africa, the region that leads world
output. Both supply and demand kick into high gear in the fall as the main crop
harvest begins in top producer Ivory Coast. Holiday season demand also leads to
buying from confectioners and consumers.
"We've been looking at more sideways movement," said Tom Mikulski, a senior
market strategist at Lind-Waldock in Chicago. "Traders are waiting for news."
This week, the September contract has been unable to breech the $3,000 point,
Mikulski said. Still, the contract is likely to hold within a narrow range of
$2,925-$3,025, he said.
Fundamental news is trickling in, but is not strong enough to give the market
a kick in either direction.
Exporters are expecting around 30,000 tons to arrive in July and little more
in August before a possible early start to the season in September. Ivory Coast
cocoa season runs from Oct. 1 to Sept. 30. Aging cocoa orchards, a lack of
investment, delayed sector reforms and the relative popularity of rubber trees
are undermining production in the world's biggest producer.
Overall, cocoa prices remain steady with support from tight world supplies
despite a lull in physical trade.
Global supplies for the season are seen 69,000 tons short of demand, the
International Cocoa Organization said in late May. Rising demand is outpacing
modest supply growth and global cocoa grindings--a measure of consumption--are
seen 4% higher this year compared with last, according to the organization.
ICE cocoa open interest--the number of active positions left at the end of
the session--increased by 253 positions Wednesday to total 121,974, the
exchange reported.
Volume was estimated 7,518 contracts to the point of settlement, according to
exchange data. In options, approximately 120 calls and 175 puts traded on the
floor during the same timeframe.
Close Change Range (To the point of settlement)
July $2,939 -$ 2 $2,939-$2,968
Sep $2,969 -$12 $2,957-$2,998
NEW YORK (Dow Jones)--Cocoa prices ended marginally lower Thursday as the
market searches for cues to pry it out of a tight trading range.
Nearby cocoa for July delivery cocoa settled $2, or 0.07% lower, at $2,939 a
metric ton on ICE Futures U.S. The most actively traded September contract
ended $12, or 0.5% lower at $2,969 a ton.
Cocoa prices have held sideways in a range of roughly $2,950 to $3,050 since
July began. Demand is slow as consumers turn toward cooler treats and away from
chocolate--the primary use of cocoa--during summer in the Northern Hemisphere.
At the same time, production slows in West Africa, the region that leads world
output. Both supply and demand kick into high gear in the fall as the main crop
harvest begins in top producer Ivory Coast. Holiday season demand also leads to
buying from confectioners and consumers.
"We've been looking at more sideways movement," said Tom Mikulski, a senior
market strategist at Lind-Waldock in Chicago. "Traders are waiting for news."
This week, the September contract has been unable to breech the $3,000 point,
Mikulski said. Still, the contract is likely to hold within a narrow range of
$2,925-$3,025, he said.
Fundamental news is trickling in, but is not strong enough to give the market
a kick in either direction.
Exporters are expecting around 30,000 tons to arrive in July and little more
in August before a possible early start to the season in September. Ivory Coast
cocoa season runs from Oct. 1 to Sept. 30. Aging cocoa orchards, a lack of
investment, delayed sector reforms and the relative popularity of rubber trees
are undermining production in the world's biggest producer.
Overall, cocoa prices remain steady with support from tight world supplies
despite a lull in physical trade.
Global supplies for the season are seen 69,000 tons short of demand, the
International Cocoa Organization said in late May. Rising demand is outpacing
modest supply growth and global cocoa grindings--a measure of consumption--are
seen 4% higher this year compared with last, according to the organization.
ICE cocoa open interest--the number of active positions left at the end of
the session--increased by 253 positions Wednesday to total 121,974, the
exchange reported.
Volume was estimated 7,518 contracts to the point of settlement, according to
exchange data. In options, approximately 120 calls and 175 puts traded on the
floor during the same timeframe.
Close Change Range (To the point of settlement)
July $2,939 -$ 2 $2,939-$2,968
Sep $2,969 -$12 $2,957-$2,998
miércoles, 7 de julio de 2010
Noticias cacao 07 julio
DJ ICE Cocoa Review: Modest Gains On Commodity Strength
DOW JONES NEWSWIRES
Cocoa futures rose Wednesday, supported by gains in the overall commodity
sector, though prices were confined to a sideways trading range.
Most active September cocoa added $14, or 0.47%, to settle at $2,981 a ton
on ICE Futures U.S. in New York.
Thinly traded July, which expires next week, rose $3, or 0.10%, to $2,941 a
ton.
Firm equity markets and gains in the commodity indexes encouraged speculative
buying in cocoa.
A lack of fresh fundamental news, however, kept the market in ranges.
"There really doesn't seem to be that much news, and right now we're trading
in a little bit of a range here," said Jack Scoville, analyst and vice
president of Price Futures Group in Chicago.
September cocoa, aside from a few spikes higher, has essentially been
confined to a range from $2,900 up to $3,000 a ton for several weeks.
Supplies of cocoa on the world market are tight as Ivory Coast, the largest
producer, is between crops. Producers are harvesting the much smaller mid-crop,
while the larger main crop harvest won't begin until October.
Scattered showers and thunderstorms in Ivory Coast and Ghana are providing
favorable moisture for the cocoa pods, but they also increase the risk of
disease, forecasters at DTN Meteorlogix said.
Too much rain and not enough sunshine can lead to moldy beans and create
disease issues for the crop.
The rainfall has also cut down on the harvesting and transportation of beans.
The arrival of Brazilian cocoa beans to the ports from the farms dipped to
63,748 60-kilogram bags in the week through July 4, from 68,583 bags the week
prior, the Commercial Association of Bahia said.
The decline in arrivals was a surprise for the market and may have been
caused by farmers and small merchants withholding cocoa in expectation of
higher prices, said Thomas Hartmann, a market analyst at the association.
Others suggested the decline was due to farmers postponing the harvest after
a recent holiday period.
The Brazilian mid-crop harvest runs from May through September, while the
main crop runs from October through April.
Cocoa exports from the main Indonesian growing region of Sulawesi rose 33% in
June from May, an indication companies are gradually accepting a new export
tax. Still, exports in June were down 21% from the year-ago period as
plantations undergo a national replanting scheme aimed at increasing yields.
London cocoa also rose, supported by tight cocoa supplies and also by the
gains in New York. September cocoa traded on NYSE Euronext's Liffe added GBP9,
or 0.38%, to settle at GBP2,403 a ton.
Open interest in cocoa rose 1,473 to total 121,721 lots, ICE reported. A
total of 145 positions remained open in July ahead of its July 15 expiration.
Futures volume is pegged at 7,835 lots, with 1,024 calls and 554 put options
traded.
ICE Change Range
July $2,941 up $3 $2,941-$2,941
Sep $2,981 up $14 $2,940-$3,003
* ICE settlements in dollars per metric ton with intraday range.
DOW JONES NEWSWIRES
Cocoa futures rose Wednesday, supported by gains in the overall commodity
sector, though prices were confined to a sideways trading range.
Most active September cocoa added $14, or 0.47%, to settle at $2,981 a ton
on ICE Futures U.S. in New York.
Thinly traded July, which expires next week, rose $3, or 0.10%, to $2,941 a
ton.
Firm equity markets and gains in the commodity indexes encouraged speculative
buying in cocoa.
A lack of fresh fundamental news, however, kept the market in ranges.
"There really doesn't seem to be that much news, and right now we're trading
in a little bit of a range here," said Jack Scoville, analyst and vice
president of Price Futures Group in Chicago.
September cocoa, aside from a few spikes higher, has essentially been
confined to a range from $2,900 up to $3,000 a ton for several weeks.
Supplies of cocoa on the world market are tight as Ivory Coast, the largest
producer, is between crops. Producers are harvesting the much smaller mid-crop,
while the larger main crop harvest won't begin until October.
Scattered showers and thunderstorms in Ivory Coast and Ghana are providing
favorable moisture for the cocoa pods, but they also increase the risk of
disease, forecasters at DTN Meteorlogix said.
Too much rain and not enough sunshine can lead to moldy beans and create
disease issues for the crop.
The rainfall has also cut down on the harvesting and transportation of beans.
The arrival of Brazilian cocoa beans to the ports from the farms dipped to
63,748 60-kilogram bags in the week through July 4, from 68,583 bags the week
prior, the Commercial Association of Bahia said.
The decline in arrivals was a surprise for the market and may have been
caused by farmers and small merchants withholding cocoa in expectation of
higher prices, said Thomas Hartmann, a market analyst at the association.
Others suggested the decline was due to farmers postponing the harvest after
a recent holiday period.
The Brazilian mid-crop harvest runs from May through September, while the
main crop runs from October through April.
Cocoa exports from the main Indonesian growing region of Sulawesi rose 33% in
June from May, an indication companies are gradually accepting a new export
tax. Still, exports in June were down 21% from the year-ago period as
plantations undergo a national replanting scheme aimed at increasing yields.
London cocoa also rose, supported by tight cocoa supplies and also by the
gains in New York. September cocoa traded on NYSE Euronext's Liffe added GBP9,
or 0.38%, to settle at GBP2,403 a ton.
Open interest in cocoa rose 1,473 to total 121,721 lots, ICE reported. A
total of 145 positions remained open in July ahead of its July 15 expiration.
Futures volume is pegged at 7,835 lots, with 1,024 calls and 554 put options
traded.
ICE Change Range
July $2,941 up $3 $2,941-$2,941
Sep $2,981 up $14 $2,940-$3,003
* ICE settlements in dollars per metric ton with intraday range.
martes, 6 de julio de 2010
Noticias cacao 06 julio
DJ ICE Cocoa Review: Ends Nearly Flat As Fresh Cues Are Scarce
By Holly Henschen
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Cocoa prices ended little-changed Tuesday as the market
was unable to grasp a foothold from outside influences during a seasonally
quiet period.
Nearby cocoa for July delivery cocoa ended $17, or 0.6%, higher at $2,938 a
metric ton on ICE Futures U.S. The most actively traded September cocoa
contract settled $4, or 0.1%, lower at $2,967 a metric ton.
Cocoa is consolidating sideways in seasonally light trade. During summer in
the U.S. and Europe, consumption of chocolate made from cocoa beans declines.
At the same time, incoming supplies are lighter during the weaker part of the
harvest. Both demand and supply pick up nearer to autumn, ahead of the holiday
season in the U.S. and Europe.
"The market is looking for direction anywhere it can find it as there is a
dearth of news," said Sterling Smith, market analyst at Country Hedging in St.
Paul, Minn.
Smith said September cocoa is locked in a range of $2,950 to $3,050 until a
gust of fresh news pushes it out.
The news could come either from the macroeconomic front, or the cocoa
market--which is unlikely until nearer to Oct. 1. That is the official date of
the main crop harvest in Ivory Coast, the world's top exporter of the cocoa
beans used primarily in chocolate manufacture.
ICE cocoa open interest--the number of active positions left at the end of
the session--increased by 1,010 positions Friday to total 120,248, the exchange
reported.
Volume was estimated at 6,906 contracts, according to exchange data. In
options, approximately 15 calls and 15 puts traded.
Cocoa traded on NYSE Euronext's Liffe for September delivery closed GBP6, or
0.3%, lower at GBP2,394 a ton.
Close Change Range (To the point of settlement)
Jly $2,938 +$17 $2,938-$2,939
Sep $2,967 -$ 4 $2,961-$3,010
By Holly Henschen
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Cocoa prices ended little-changed Tuesday as the market
was unable to grasp a foothold from outside influences during a seasonally
quiet period.
Nearby cocoa for July delivery cocoa ended $17, or 0.6%, higher at $2,938 a
metric ton on ICE Futures U.S. The most actively traded September cocoa
contract settled $4, or 0.1%, lower at $2,967 a metric ton.
Cocoa is consolidating sideways in seasonally light trade. During summer in
the U.S. and Europe, consumption of chocolate made from cocoa beans declines.
At the same time, incoming supplies are lighter during the weaker part of the
harvest. Both demand and supply pick up nearer to autumn, ahead of the holiday
season in the U.S. and Europe.
"The market is looking for direction anywhere it can find it as there is a
dearth of news," said Sterling Smith, market analyst at Country Hedging in St.
Paul, Minn.
Smith said September cocoa is locked in a range of $2,950 to $3,050 until a
gust of fresh news pushes it out.
The news could come either from the macroeconomic front, or the cocoa
market--which is unlikely until nearer to Oct. 1. That is the official date of
the main crop harvest in Ivory Coast, the world's top exporter of the cocoa
beans used primarily in chocolate manufacture.
ICE cocoa open interest--the number of active positions left at the end of
the session--increased by 1,010 positions Friday to total 120,248, the exchange
reported.
Volume was estimated at 6,906 contracts, according to exchange data. In
options, approximately 15 calls and 15 puts traded.
Cocoa traded on NYSE Euronext's Liffe for September delivery closed GBP6, or
0.3%, lower at GBP2,394 a ton.
Close Change Range (To the point of settlement)
Jly $2,938 +$17 $2,938-$2,939
Sep $2,967 -$ 4 $2,961-$3,010
viernes, 2 de julio de 2010
Noticias cacao 02 julio
DJ ICE Cocoa Review: Falls On Pre-Holiday Profit-Taking
DOW JONES NEWSWIRES
Cocoa futures fell in pre-holiday trade, as prices consolidated and found
pressure from traders booking profits off of Thursday's highs.
Most active September cocoa fell $70, or 2.3%, to settle at $2,971 a metric
ton Friday on ICE Futures U.S. in New York. Thinly traded nearby July lost $48,
or 1.6%, to end at $2,921 a ton.
"A little light profit-taking in an environment like this will easily push
the market down," said Sterling Smith, analyst at Country Hedging in St. Paul.
Trading volumes were fairly light as ranks thinned before the long Fourth of July holiday weekend, he said.
The markets will be closed on Monday for the holiday and will reopen Tuesday
morning.
Cocoa futures also uncovered spillover selling linked to a weak equity market
and a mostly lower trade in the commodity indexes, a broker said.
Equities were pressured after news that U.S. payrolls in June fell by
125,000, slightly higher than expectations. The jobless rate edged down to
9.5%, from 9.7% in May, the Labor Department reported. Economists had actually
anticipated the jobless rate would rise slightly to 9.8%.
The payrolls news was further proof that the economy continues to struggle
and that a recovery will likely take longer than many economists had previously
thought.
Farmers in western Ivory Coast are harvesting cocoa pods, though overall
harvest levels are quite low as the country is essentially between crops. The
larger main-crop harvest won't begin until October.
The flow of cocoa typically declines until the main-crop harvest begins in
earnest.
Farmers in the main western growing belt are concerned over small beans and
high moisture, both leading to lower farmgate prices being paid.
Growers are worried that heavy and persistent rain in Nigeria's southeastern
Cross River state may lead to moldy beans. The combination of heavy rain and a
lack of sunshine are making growers anxious since beans can develop mold after
being stacked in poorly ventilated storage areas for two to three weeks.
London cocoa also fell, pressured in part by the losses in New York.
Open interest in cocoa fell 1,349 to total 119,238 lots, ICE reported. Just
145 positions remained open in July ahead of its July 15 expiration.
Futures volume is pegged at a modest 9,100 lots, with 703 calls and 148 put
options traded.
ICE Change Range
Jul $2,921 dn 48 2,921 - 2,969
Sep $2,971 dn 70 2,960 - 3,043
* ICE settlements in dollars per metric ton with intraday range.
DOW JONES NEWSWIRES
Cocoa futures fell in pre-holiday trade, as prices consolidated and found
pressure from traders booking profits off of Thursday's highs.
Most active September cocoa fell $70, or 2.3%, to settle at $2,971 a metric
ton Friday on ICE Futures U.S. in New York. Thinly traded nearby July lost $48,
or 1.6%, to end at $2,921 a ton.
"A little light profit-taking in an environment like this will easily push
the market down," said Sterling Smith, analyst at Country Hedging in St. Paul.
Trading volumes were fairly light as ranks thinned before the long Fourth of July holiday weekend, he said.
The markets will be closed on Monday for the holiday and will reopen Tuesday
morning.
Cocoa futures also uncovered spillover selling linked to a weak equity market
and a mostly lower trade in the commodity indexes, a broker said.
Equities were pressured after news that U.S. payrolls in June fell by
125,000, slightly higher than expectations. The jobless rate edged down to
9.5%, from 9.7% in May, the Labor Department reported. Economists had actually
anticipated the jobless rate would rise slightly to 9.8%.
The payrolls news was further proof that the economy continues to struggle
and that a recovery will likely take longer than many economists had previously
thought.
Farmers in western Ivory Coast are harvesting cocoa pods, though overall
harvest levels are quite low as the country is essentially between crops. The
larger main-crop harvest won't begin until October.
The flow of cocoa typically declines until the main-crop harvest begins in
earnest.
Farmers in the main western growing belt are concerned over small beans and
high moisture, both leading to lower farmgate prices being paid.
Growers are worried that heavy and persistent rain in Nigeria's southeastern
Cross River state may lead to moldy beans. The combination of heavy rain and a
lack of sunshine are making growers anxious since beans can develop mold after
being stacked in poorly ventilated storage areas for two to three weeks.
London cocoa also fell, pressured in part by the losses in New York.
Open interest in cocoa fell 1,349 to total 119,238 lots, ICE reported. Just
145 positions remained open in July ahead of its July 15 expiration.
Futures volume is pegged at a modest 9,100 lots, with 703 calls and 148 put
options traded.
ICE Change Range
Jul $2,921 dn 48 2,921 - 2,969
Sep $2,971 dn 70 2,960 - 3,043
* ICE settlements in dollars per metric ton with intraday range.
jueves, 1 de julio de 2010
Noticias cacao 01 julio
DJ ICE Cocoa Review: Sep Rallies 3.3%; Fund Buys, Falling Dollar
DOW JONES NEWSWIRES
ICE cocoa futures for September delivery rallied 3.3% Thursday as a
struggling U.S. dollar encouraged speculative traders to buy the commodity.
Most-active September cocoa traded on ICE Futures U.S. climbed $97, or 3.3%,
to settle at $3,041 a ton. The thinly traded July contract gained $75, or 2.6%,
to end at $2,969 a ton.
A weak dollar is bullish for cocoa because it makes the commodity cheaper for
investors in other currencies.
"The dollar is getting slammed...and that'll do it," said Jack Scoville,
analyst and vice president of Price Futures Group in Chicago, referring to the
strength of cocoa.
The Dow Jones Industrial Average was down sharply earlier in the session,
"and everybody thinks we're going to hell in a handbasket again," he said.
Economic malaise was definitely on traders' minds Thursday as much
weaker-than-expected U.S. economic data caused equities and the dollar to fall.
Some analysts described the dollar's decline as a dynamic shift in the market,
owing to a string of worse-than-expected data and fears that the economy could
slide into a double-dip recession. Traders had previously bought the greenback
as a safe-haven play during economic weakness.
Economic reports suggested the economy is worse off then previously expected.
A 30% plunge in pending U.S. home sales in May and a surprising increase of
13,000 in U.S. weekly jobless claims caught traders off guard. A
worse-than-expected decline in the Institute for Supply Management's June
manufacturing index to 56.2, from 59.7 in May, added to the economic worries.
Earlier in the session, the DJIA fell to its lowest point since October 2009.
The index has since pared those losses, however.
The fact that cocoa had fallen nearly 7% this week from Monday's high of
$3,144 also made the commodity vulnerable to an upward correction, a broker
said.
Bullish news from cocoa giant Barry Callebaut AG (BARN.EB) helped lift cocoa.
The Swiss chocolate maker said Wednesday that sales grew 8% in the nine-month
period through May 2010, benefiting from its expansion into emerging chocolate
markets like eastern Europe, China, Mexico and Brazil.
Elsewhere, Ivory Coast President Laurent Gbagbo is calling for an
investigation to whether his interior minister has been skimming state funds,
the Associated Press reported. The calls for an investigation could be viewed
as an attempt to further delay elections that have been needed to restore
legitimacy in the government since the country's Parliament mandate ran out in
2005.
Ivory Coast is the world's largest cocoa grower. Instability in the nation
has in the past stoked concern that the cocoa would not make it to export
channels and thus tighten supplies. The country is currently between crops,
however, with the main crop harvest not scheduled to begin until October.
Cocoa traded on NYSE Euronext's (NYX) Liffe for September delivery rose
GBP34, or 1.4%, to settle at GBP2,408 a ton.
ICE open interest--the number of contracts outstanding between traders at the
prior day's close--rose 2,395 contracts to total 120,587, exchange data showed.
Only 167 contracts remained open in nearby July futures ahead of its July 15
expiration.
Futures volume is estimated 11,255 lots, with 550 calls and 505 put options
traded, ICE data showed.
ICE Change Range
July $2,969 up $75 $2,840 - $2,969
Sep $3,041 up $97 $2,939 - $3,057
* ICE settlements in dollars per metric ton.
DOW JONES NEWSWIRES
ICE cocoa futures for September delivery rallied 3.3% Thursday as a
struggling U.S. dollar encouraged speculative traders to buy the commodity.
Most-active September cocoa traded on ICE Futures U.S. climbed $97, or 3.3%,
to settle at $3,041 a ton. The thinly traded July contract gained $75, or 2.6%,
to end at $2,969 a ton.
A weak dollar is bullish for cocoa because it makes the commodity cheaper for
investors in other currencies.
"The dollar is getting slammed...and that'll do it," said Jack Scoville,
analyst and vice president of Price Futures Group in Chicago, referring to the
strength of cocoa.
The Dow Jones Industrial Average was down sharply earlier in the session,
"and everybody thinks we're going to hell in a handbasket again," he said.
Economic malaise was definitely on traders' minds Thursday as much
weaker-than-expected U.S. economic data caused equities and the dollar to fall.
Some analysts described the dollar's decline as a dynamic shift in the market,
owing to a string of worse-than-expected data and fears that the economy could
slide into a double-dip recession. Traders had previously bought the greenback
as a safe-haven play during economic weakness.
Economic reports suggested the economy is worse off then previously expected.
A 30% plunge in pending U.S. home sales in May and a surprising increase of
13,000 in U.S. weekly jobless claims caught traders off guard. A
worse-than-expected decline in the Institute for Supply Management's June
manufacturing index to 56.2, from 59.7 in May, added to the economic worries.
Earlier in the session, the DJIA fell to its lowest point since October 2009.
The index has since pared those losses, however.
The fact that cocoa had fallen nearly 7% this week from Monday's high of
$3,144 also made the commodity vulnerable to an upward correction, a broker
said.
Bullish news from cocoa giant Barry Callebaut AG (BARN.EB) helped lift cocoa.
The Swiss chocolate maker said Wednesday that sales grew 8% in the nine-month
period through May 2010, benefiting from its expansion into emerging chocolate
markets like eastern Europe, China, Mexico and Brazil.
Elsewhere, Ivory Coast President Laurent Gbagbo is calling for an
investigation to whether his interior minister has been skimming state funds,
the Associated Press reported. The calls for an investigation could be viewed
as an attempt to further delay elections that have been needed to restore
legitimacy in the government since the country's Parliament mandate ran out in
2005.
Ivory Coast is the world's largest cocoa grower. Instability in the nation
has in the past stoked concern that the cocoa would not make it to export
channels and thus tighten supplies. The country is currently between crops,
however, with the main crop harvest not scheduled to begin until October.
Cocoa traded on NYSE Euronext's (NYX) Liffe for September delivery rose
GBP34, or 1.4%, to settle at GBP2,408 a ton.
ICE open interest--the number of contracts outstanding between traders at the
prior day's close--rose 2,395 contracts to total 120,587, exchange data showed.
Only 167 contracts remained open in nearby July futures ahead of its July 15
expiration.
Futures volume is estimated 11,255 lots, with 550 calls and 505 put options
traded, ICE data showed.
ICE Change Range
July $2,969 up $75 $2,840 - $2,969
Sep $3,041 up $97 $2,939 - $3,057
* ICE settlements in dollars per metric ton.
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