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.