New York coffee futures edged up at the open-outcry start on short covering while cocoa eased in thin trade on Friday after an industry report showed that US cocoa grindings fell about 9 percent, dealers said.
One coffee floor trader said cited short covering the buying back of futures previously sold to close out short positions after coffee futures finished a tad lower as fund buying eased on Thursday.
The IntercontinentalExchange NYBOT's electronic screen showed the September coffee contract up 0.10 cent at $1.1440 per lb. at 9:20 am EDT (1320 GMT), with trades ranging from $1.1385 to $1.1465. In the pit, benchmark September was up 0.05 cent at $1.1430 per lb., moving from $1.1425 to $1.11470.
Meanwhile, US cocoa futures trading on NYBOT inched down at market open. One cocoa trader said that selling pressure from London weighed on the cocoa futures market in New York amid light volume.
"I don't really think that the grindings (date) affected us so much here," he said. US cocoa grindings in the second quarter fell 8.84 percent from a year ago to 95,608 tonnes, data from the Chocolate Manufacturers Association of the USA showed on Friday.
The quantity of cocoa liquor melted in the second quarter fell 36.76 percent to 3,454 tonnes, while butter melted rose 9.89 percent to 10,312 tonnes, the CMA said.
Key September cocoa futures trading on the IntercontinentalExchange New York Board of Trade electronic screen dropped $10 to $2,104 per tonne, in a trading band from $2,095 to $2,120, at 9:25 am EDT (1325 GMT). In open-outcry trade, the September contract was down $11 at $2,103 per tonne, dealing between $2,097 and $2,108.
Comments
Comments are closed.