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