A bigger harvest in India and Brazil may help fill a global deficit that sent raw sugar to a 30-year high this month. Prices slid 40 percent in last year's first half before doubling in the final six months.
Hedge-fund managers and other large speculators decreased their net-long position in New York sugar futures in the week ended Feb. 15, according to U.S. Commodity Futures Trading Commission data. Net-long positions, or bets prices will rise, fell by 11,356 contracts, or 7 percent, from a week earlier.
Robusta coffee for May delivery gained $18, or 0.8 percent, to $2,355 a ton in London.
Coffee-bean exports from Indonesia's main growing regions on Sumatra island, which plunged 23 percent last year as La Nina rains hurt output, may fail to rebound in 2011 as the weather event lingers, Muchtar Luthfie, head of research and development at the Lampung branch of the Association of Indonesian Coffee Exporters and Industries, said Feb. 18.
Cocoa for March delivery added 17 pounds, or 0.7 percent, to 2,297 pounds ($3,724) a ton on NYSE Liffe after gaining for two weeks in a row.
Hedge funds are the most bullish on cocoa in almost seven months as political turmoil threatens supplies from Ivory Coast, the world's biggest producer. In the week ended Feb. 15, net- long positions gained 11 percent to 20,936 futures and options contracts, the highest since July, CFTC data show. For the latest updates PRESS CTR + D or visit Stock Market news Today
No comments:
Post a Comment