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London robusta coffee futures ended mostly higher on Wednesday as the market consolidated after Tuesday's sharp setback with business dominated by rolling forward of positions out of the front month, dealers said. Cocoa futures dipped to a one-month low, weakened partly by the strength of sterling against the dollar while white sugar also ended lower.
Dealers said the coffee market's focus remained dry weather in Brazil with talk of upcoming rains sparking the sharp decline on Tuesday. "We might have a bit of consolidating around here although if there are any reports of rain in Brazil it may provoke another sell-off," one dealer said.
November robustas ended $20 higher at $1,949 a tonne while January finished $1 higher at $1,813. Dealers said the November/January spread remained volatile amid talk of a possible squeeze linked to short-term tightness ahead of the next Vietnamese harvest.
The front month's premium widened to about $135 to $140 on Wednesday, up from around $120 on Tuesday. The premium peaked at around $190 on September 17 before dropping below $100 last week. Cocoa futures finished lower, weakened by the strength of sterling as expectations grew that the Bank of England may not cut interest rates in the near future. March ended 4 pounds higher at 945 pounds a tonne, a one-month low, basis second position.
In contrast, dollar-denominated New York cocoa futures rose. "The (strong) pound was weighing on London. There was also some West African producer selling pressure from Ghana and Ivory Coast," one dealer said.
White sugar futures also finished lower with the market back on the defensive after a short-lived rally stalled. Dealers said the large global supply surplus remained the key bearish influence on the market. December ended down $2.80 at $275.20. Dealers said solid resistance around $278.00 to $279.00, basis December, was keeping a lid on prices. "December keeps banging its head against 278," one dealer said.

Copyright Reuters, 2007

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