cocoa futures brokers

cocoa futures brokers

February 25, 2016

Cocoa prices rose Thursday as traders expected recent dry weather to slash production for the upcoming West African smaller midcrop.

Cocoa for May was up 1.3%, at $2,963 a ton, on the ICE Futures U.S. exchange.

In a note, trading firm Cocoanect, based in Rotterdam, Netherlands, said it expects the stunted beans coming out of the tail end of the main cocoa harvest to foretell losses for the upcoming midcrop because of a lack of rain and seasonal winds in the growing areas.

The firm also said, however, that cocoa beans from the main harvest–which is now winding down–are arriving at ports in Ivory Coast, the crop’s largest grower, at the same rate as last year and purchases are ahead by 100,000 metric tons in Ghana, the world’s second largest grower. Traders had expected the dry weather to hurt the main crop, the firm said.

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gold futures

gold futures

February 24th, 2016

Gold futures surged by as much as $30 an ounce drawing near 12-month highs reached earlier in the month, as investors engaged in a flight to safety amid mounting concerns on the sweeping effects of crashing oil prices on global markets overall.

On Wednesday, Royal Dutch Shell A (N:RDSa) announced that it is shutting down its shale resources unit while parting ways with U.S. country chairman Marvin Odum, as part of a broad cost-cutting measure in response to its worst year of revenues in more than a decade. It transpired one day after Saudi Arabia oil minister Ali al-Naimi reiterated that the kingdom will under no circumstances slash production in order to bolster record-low prices. A wave of uncertainty in the oil industry has weighed on major banks, whose heavy exposure to oil and gas debt could lead to billions of dollars in credit losses. JPMorgan Chase & Co (N:JPM) disclosed on Tuesday at its annual investor day that it is reserving an additional $600 million in the first quarter to cover energy and commodity loans, raising its total exposure to $1.6 billion. More troubling, the world’s largest financial institution said it will be forced to double the amount if oil prices fall to $25 a barrel over the next 18 months.

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sugar futures brokers

sugar futures brokers

February 24th, 2016

Sugar futures are still a “buy”, even after their 9% surge of the last session, Australia & New Zealand Bank said, citing factors including the world production deficit and the cut by funds of their net long position.

Raw sugar futures on Tuesday staged their biggest gain in New York since at least 1993, on a most-active contract basis, a surge attributed to a cocktail of factors, including technical factors, and an increase by the International Sugar Organization to its forecast for the world output deficit in 2015-16.

Other explanations proffered include talk of a squeeze on European white sugar exports, a call by Imperial Sugar for up to 500,000 tonnes of extra US import quota for raw sugar, and talk of port delays to Argentine deliveries.

“Observers are offering plenty of explanations for the rise,” said Tobin Gorey at Commonwealth Bank of Australia, adding that “traders will tell, or perhaps bore, their grandchildren with tales of this day”.

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cocoa futures brokers

cocoa futures brokers

February 15th, 2016

Cocoa futures are set to rally back past the $3,000-a-tonne level, broker VSA Capital said.

After rising through 2015, cocoa futures entered a sharp sell-off in 2016, with the front-month New York contract down more than 10% since the start of this year.

But VSA said that “the inherent structure of the industry lends itself to a general bullish environment over the coming years”.

“In the shorter-term, increasing El Nino-related concerns over the mid-crop […] in the two largest producers, Ivory Coast and Ghana, could certainly push the US benchmark cocoa price back through $3,000 a tonne, said Ed Hugo, of VSA Capital.  

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crude oil futures news

crude oil futures news

February 11th, 2016

Crude oil futures gained further in Asia on Friday spurred by what appear to be a renewed effort by major producers to coordinate a cut in global output.

On the New York Mercantile Exchange, WTI crude for March delivery soared 5.59% to $27.67 a barrel. Brent rose 5.56% to $31.73 a barrel.

Minutes after the U.S. close, Dow Jones reported that OPEC members are preparing to cooperate on potential production cuts according to UAE’s energy minister. The comments boosted prices for both benchmarks.

Before the market-moving comments, U.S. crude fell to its lowest level since May, 2003, as investors reacted to significant increases in OPEC production last month. In January, the 13-member cartel ramped up production by 131,000 bpd to 32.33 million bpd, bolstered by increases from Saudi Arabia, Iraq, Iran and Nigeria. Saudi Arabia, the world’s top exporter, rose output by 44,000 bpd in January to 10.091 bpd, near all-time record highs.

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gold futures quotes

gold futures quotes

February 11th, 2016

Gold futures jumped to the highest level since May in Europe trade on Thursday, amid growing skepticism over the Federal Reserve’s ability to raise interest rates as much as it would like this year.

Gold for April delivery on the Comex division of the New York Mercantile Exchange rose to an intraday peak of $1,215.30 a troy ounce, a level not seen in almost nine months, before falling back to trade at $1,207.80 by 08:00GMT, or 3:00AM ET, up $13.30, or 1.11%. A day earlier, gold shed $4.00, or 0.33%.

Federal Reserve Chair Janet Yellen said Wednesday that financial conditions have become less supportive to growth as foreign developments pose risks to the economic outlook, but also maintained that moderate growth at home would justify “gradual adjustments” to the Fed’s monetary policy stance.

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gold futures news

gold futures news

February 4th, 2016

Gold futures rallied to the highest level since late-October on Thursday, as the U.S. dollar collapsed amid growing skepticism over the Federal Reserve’s ability to raise interest rates as much as it would like this year.

Gold for April delivery on the Comex division of the New York Mercantile Exchange rose to an intraday peak of $1,155.30 a troy ounce, the most since October 29, before trading at $1,153.20 by 13:45GMT, or 8:45AM ET, up $11.90, or 1.04%. A day earlier, gold rallied $14.10, or 1.25%, marking its best day in two weeks.

The dollar index tumbled 0.85% to 96.43, a level not seen since October 23, on speculation the Federal Reserve might opt to not raise interest rates at all this year due to slowing U.S. growth and turmoil in global financial markets.

Market participants no longer expect another rate hike this year, while the Fed, from its forecasts, is anticipating four rate rises in 2016.

Prices of the precious metal are up almost 9% so far this year as retreating oil prices and losses in global equity markets underpinned demand for assets perceived as safer. Gold is often seen as an alternative currency in times of global economic uncertainty and a refuge from financial risk.

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