cocoa futures news

cocoa futures news

March 24th, 2017

Cocoa is the best bet among soft commodities, Commerzbank said, forecasting price rises – in contrast to somewhat bearish expectations for coffee and, especially, sugar futures.

The bank termed “exaggerated… the slump” in New York cocoa futures which took them to $1,881 a tonne last month – a nine-year low on a spot contract basis, and down 45% from a high set in late 2015.

While acknowledging the “huge rise” in world cocoa output in 2016-17 – backed by estimates of a record crop in top producer Cote d’Ivoire – the bank viewed as overplayed ideas voiced by the International Cocoa Organization last week of global production surpluses for years ahead.

“We are sceptical at the moment that ICCO concerns about a period of structural surpluses on the cocoa market are justified.”

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Cocoa futures best bet among softs

On January 11, 2017, in cocoa futures trading news report, by Infinity Trading
cocoa options

cocoa options

January 11th, 2017

Cocoa looks the best bet among soft commodities for price rises, veteran analyst Judith Ganes Chase said, warning of “somewhat bearish” dynamics in coffee, and cotton prices that are already “too attractive” for growers.

Ms Ganes Chase named cocoa futures – which touched $2,121 a tonne in New York in late December, the lowest for a spot contract since March 2013 – as her “favoured pick” among soft commodities “as a market that has room to climb”.

“The cocoa market remains at low levels relative to the rest of the softs complex and would seem to have fundamentals that are not quite as bearish as market action suggested,” she said.

While acknowledging firm expectations for cocoa output in Ivory Coast, the top producer, saying that “there is no anecdotal evidence to believe the crop will miss production targets”, Ms Ganes Chase flagged potential support to prices from demand.

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cocoa futures news

cocoa futures news

January 6th, 2017

Cocoa futures prices rose on Friday as disgruntled soldiers seized control of the second largest city in the world’s top grower Ivory Coast, prompting a wave of short covering, though the New York market turned lower along with the weak British pound.

Sugar and coffee futures eased.

March London cocoa settled up 12 pounds, or 0.7 percent, at 1,821 pounds per tonne, after surging 2.2 percent to a two-week high at 1,848 pounds following the reports from Ivory Coast.

Unrest in Ivory Coast appeared to be spreading with reports that gunfire had erupted in the western cocoa growing region of Daloa, hours after soldiers demanding salary increases seized the second largest city, Bouake.

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cocoa options

cocoa options

December 13, 2016

Raw sugar futures fell into bear market territory Tuesday as traders exiting long positions largely looked past a boost to gasoline prices in Brazil.

Raw sugar for March delivery dropped 3.4% to end at 18.60 cents a pound on the ICE Futures U.S. exchange, the lowest close for the most active contract since June 2.

The sugar market is still heavily long, with the bulls outweighing the bears by 174,459 contracts as of last Tuesday, according to U.S. Commodity Futures Trading Commission data. At the close, the market was down 22% from its most recent high reached Oct. 5, pushing it into bear market territory.

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cocoa futures news

cocoa futures news

December 9th, 2016

Plummeting cocoa prices could spur demand, with processing margins at their highest level in years, analyst Judith Ganes-Chase said.

Ms Ganes-Chase said market were ‘underestimating’ the scale of current cocoa processing, suggesting the size of this year’s market surplus may less than thought.

Cocoa prices in New York are plumbing their lowest level in over three years, under pressure from the big crop in West Africa.

“More and more observers are expecting to see a sizeable oversupply in the current 2016-17 crop year,” said Commerzbank on Friday.

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