Coffee prices today - Coffee, Cocoa Sugar prices march 19 2012 ; ICE raw sugar futures edged up on Monday as the prospect of a late start to Brazil's sugar harvest supported prices, while expectations of a global surplus in 2012/13 capped the upside.
Arabica coffee futures on ICE were higher, while cocoa was little changed and continued to be stuck in a range.
May raw sugar prices on ICE were up 0.05 cent or 0.20 percent at 25.46 cents a lb at 1517 GMT.
"The story at the moment is more of a technical nearby shortage ahead of the centre-south crop affecting the May position in both markets, rather than an overall bull story," Nick Penney of Sucden Financial wrote in a report.
"The drop in forecast production in centre-south Brazil does not go far enough to dent the overall surplus and justify this rally as there will be plenty of sugar for the second half of 2012," he added.
Dealers said a rebound in New York raw sugar futures and ample supply could cut Thai premiums this week.
Prices rallied strongly last week, with the front month peaking at 25.68 cents on Friday after hitting a two-month low of 23.26 cents a week ago.
"I think with the surplus, which is going to hit some time from May onwards, you're going to see lower prices eventually," one London broker said.
"Even if Brazil is a million tonnes less than originally thought, we've still got a huge surplus, and as far as we can see the Indian crops and the Thai crops are running well in front, the European crop is very good," the broker added.
Indian traders have struck deals to export 60,000 tonnes of raw sugar to Iran for March-April delivery, three trade sources said on Monday, marking their first sales of the sweetener to Tehran since western sanctions were tightened at the start of 2012.
London May white sugar futures nudged down $1.4 or 0.21 percent to $665.20 per tonne.
Indian sugar mills produced 21.2 million tonnes of the sweetener between Oct. 1 and March 15, up 14 percent from a year earlier, a statement from a leading industry body said on Monday.
ICE COFFEE RISES, COCOA DIPS
May arabicas on ICE were up 1.55 cent or 0.85 percent at $1.8390 per lb.
"We've already seen these slight upside moves often in the last few weeks before prices declined further, so it's too early to say that this is the bottom and beginning a longer-lasting recovery," Commerzbank analyst Carsten Fritsch said.
Dealers said the prospect of a global surplus in 2012/13 had diminished investor appetite for the commodity.
The contract slid to $1.8105 a week ago, a 17-month low for the second month.
"I think this decline was rather driven by speculators cutting long positions and now being net short for four consecutive weeks and the highest since late 2008, but given the tight supplies I think there's no justification for that being extended for more weeks," Fritsch said.
Speculators increased their net short positions in coffee futures and options on ICE Futures U.S. in the week ended March 13, U.S. Commodity Futures Trading Commission data showed.
Benchmark Liffe May robusta coffee futures dipped $4 or 0.20 percent to $2,036 a tonne.
Speculators extended net long positions in cocoa and robusta coffee futures and options on NYSE Liffe in the week to March 13, exchange data showed.
Cocoa futures on ICE were fell slightly, with May down $10 or 0.44 percent at $2,246 a tonne.
"The market has been extremely choppy - we're still very much range-bound," one broker said.
Dealers said improving crop prospects in West Africa helped to keep a lid on the market.
Exporters estimated around 10,000 tonnes of beans were delivered to the West African state's two ports between March 12 and March 18, up from 1,941 tonnes in the same week a year ago.
Liffe May cocoa futures slipped 10 pounds or 0.68 percent to 1,469 pounds ($2,400) a tonne.
Arabica coffee futures on ICE were higher, while cocoa was little changed and continued to be stuck in a range.
May raw sugar prices on ICE were up 0.05 cent or 0.20 percent at 25.46 cents a lb at 1517 GMT.
"The story at the moment is more of a technical nearby shortage ahead of the centre-south crop affecting the May position in both markets, rather than an overall bull story," Nick Penney of Sucden Financial wrote in a report.
"The drop in forecast production in centre-south Brazil does not go far enough to dent the overall surplus and justify this rally as there will be plenty of sugar for the second half of 2012," he added.
Dealers said a rebound in New York raw sugar futures and ample supply could cut Thai premiums this week.
Prices rallied strongly last week, with the front month peaking at 25.68 cents on Friday after hitting a two-month low of 23.26 cents a week ago.
"I think with the surplus, which is going to hit some time from May onwards, you're going to see lower prices eventually," one London broker said.
"Even if Brazil is a million tonnes less than originally thought, we've still got a huge surplus, and as far as we can see the Indian crops and the Thai crops are running well in front, the European crop is very good," the broker added.
Indian traders have struck deals to export 60,000 tonnes of raw sugar to Iran for March-April delivery, three trade sources said on Monday, marking their first sales of the sweetener to Tehran since western sanctions were tightened at the start of 2012.
London May white sugar futures nudged down $1.4 or 0.21 percent to $665.20 per tonne.
Indian sugar mills produced 21.2 million tonnes of the sweetener between Oct. 1 and March 15, up 14 percent from a year earlier, a statement from a leading industry body said on Monday.
ICE COFFEE RISES, COCOA DIPS
May arabicas on ICE were up 1.55 cent or 0.85 percent at $1.8390 per lb.
"We've already seen these slight upside moves often in the last few weeks before prices declined further, so it's too early to say that this is the bottom and beginning a longer-lasting recovery," Commerzbank analyst Carsten Fritsch said.
Dealers said the prospect of a global surplus in 2012/13 had diminished investor appetite for the commodity.
The contract slid to $1.8105 a week ago, a 17-month low for the second month.
"I think this decline was rather driven by speculators cutting long positions and now being net short for four consecutive weeks and the highest since late 2008, but given the tight supplies I think there's no justification for that being extended for more weeks," Fritsch said.
Speculators increased their net short positions in coffee futures and options on ICE Futures U.S. in the week ended March 13, U.S. Commodity Futures Trading Commission data showed.
Benchmark Liffe May robusta coffee futures dipped $4 or 0.20 percent to $2,036 a tonne.
Speculators extended net long positions in cocoa and robusta coffee futures and options on NYSE Liffe in the week to March 13, exchange data showed.
Cocoa futures on ICE were fell slightly, with May down $10 or 0.44 percent at $2,246 a tonne.
"The market has been extremely choppy - we're still very much range-bound," one broker said.
Dealers said improving crop prospects in West Africa helped to keep a lid on the market.
Exporters estimated around 10,000 tonnes of beans were delivered to the West African state's two ports between March 12 and March 18, up from 1,941 tonnes in the same week a year ago.
Liffe May cocoa futures slipped 10 pounds or 0.68 percent to 1,469 pounds ($2,400) a tonne.
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