March 1, 2012 / 7:12 PM / 6 years ago

NY sugar settles lower, cocoa and coffee perk up

 March 1 (Reuters) - Raw sugar futures closed lower for the third
straight session Thursday, backtracking from a recent four-month high, as
investors sold amid the expectation for coming bumper supplies.	
 Arabica coffee changed direction and closed higher. U.S. cocoa likewise
ended firmer.	
 	
 2:00 PM      SETTLE    NET     PCT      LOW    HIGH  CURRENT
                    CHNG    CHNG                       VOL
 Sugar MAR     25.66      0    0.0%    00.00   00.00         
 Sugar MAY     24.85  -0.16   -0.6%    24.45   25.00   47,739
 Cocoa MAR      2392      9    0.4%    2,334   2,396       12
 Cocoa MAY      2366     32    1.4%    2,311   2,377    8,548
 Coffee MAR      204   0.85    0.4%   202.25  203.15       45
 Coffee MAY    204.1   0.85    0.4%   201.85  205.10   10,416
 
 TOTAL MARKET              VOLUME          
             CURRENT   30D AVG  250D AVG
 ICE SUGAR       94,699   114,585    88,060
 ICE COCOA       13,704    24,293    19,010
 ICE COFFEE      15,729    24,127    19,688
                                                          
 SUGAR	
 * May dropped 0.16 cent to end at 24.85 cents per lb.	
 * Market down on investor sales - brokers.	
 * Sugar weakened by the prospect of bumper supplies later in the year.	
 * Country Hedging Inc analyst Sterling Smith said bumpers cane harvests are
seen coming out of No. 1 producer Brazil and No. 2 grower India.	
 * That should keep sugar prices "under control," said Smith.	
 * Market digested delivery of 880,151 tonnes of sugar against March
expiration, with Cargill taking delivery of sweetener.	
 	
 COFFEE	
 * Key May arabica coffee climbed 0.85 cent at $2.0410 per lb.	
 * March/May spread closed at a discount of 0.1 cent per lb, unchanged from
Wednesday.	
 * Market turned higher late in the session along with the commodity complex,
after following it lower earlier - traders.	
 * Light roaster buying at the lows helped prevent deeper losses earlier in
the session - traders.	
 * The International Coffee Organization cut its forecast for the global
coffee crop in 2011/12 to 128.5 million 60-kg bags, down from a previous
estimate of 130.9 million. 	
 * Brazil's key coffee zones were much drier than usual in  February, helping
stop bacterial halo blight disease in its tracks but causing concern that
developing coffee beans may not have enough water to swell out to an optimal
size.   	
                               	
 COCOA	
 * May cocoa futures rose $32, or 1.4 percent, to finish at $2,366 a
tonne.	
 * Market turned higher with a lift from commercial buying at the lows and
the firm sterling against the U.S. dollar - traders.	
 * The move higher, in the face of the weak commodity complex, was viewed as
technically positive as the May contract rose near the 100-day moving average at
$2,395 per tonne - traders.	
 * Indonesia's cocoa bean exports from its main growing island of Sulawesi
slipped 20 percent in February from the same month a year ago, and was down 11
percent from the previous month - industry data. 	
 * Swiss chocolatier Lindt & Spruengli  said the spectre of
rising joblessness was dampening consumer sentiment and Europe's debt crisis
made the coming year hard to assess, yet the firm stuck to its growth target.
 	
	
 (Reporting by Marcy Nicholson and Rene Pastor)	
 	
 

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