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London robusta coffee futures finished mostly higher on Monday with nearby positions rising on renewed concern about a supply squeeze for the November contract and emerging talk about tightness for January, dealers said.
Cocoa futures also finished higher, boosted by a fund-driven rise in New York, while sugar ended marginally up aided by gains in other commodity markets including oil. Robusta coffee futures saw November rise sharply on short covering ahead of Thursday's first tender day with the contract ending $51 higher at $2,160 a tonne.
November's premium to January also started to rise again after falling back sharply late last week. The spread ended at around $325, up from about $285 at the close on Friday but well below its peak last week of around $360 to $370.
Dealers said there was talk the January could be the next target for a possible squeeze and its premium to March rose to around $55 from $35 on Friday. The open position for November fell a modest 1,447 lots on Monday to a still high 42,959 lots. Exchange certified coffee stocks, as of October 22, stood at just 18,025 lots.
Dealers said coffee gradings had picked up ahead of a potentially large delivery against November, with 708 lots graded on Monday, the majority from Vietnam. Cocoa futures ended higher on Monday, boosted mainly by gains in New York.
London March futures ended 14 pounds higher at 973 pounds a tonne. Dealers said the market was underpinned by concerns that wet weather may diminish crop prospects in top producer Ivory Coast. White sugar futures ended marginally higher, boosted partly by strength in other commodity markets. December finished $0.40 higher at $283.40 a tonne. Dealers said the physical market was quiet with no evidence of any white sugar tenders over the weekend.

Copyright Reuters, 2007

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