AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

LONDON: New York cocoa hit a nine-month high on Monday as funds continued to buy given tightness in nearby supplies in the physical and futures markets, where stocks are falling. Sugar and coffee also rose. March New York cocoa rose $38, or 1.4%, to $2,747 a tonne by 1507 GMT, after hitting the highest level since late February at $2,774. Data showed ICE Futures US certified stocks remain low at 209,461 60kg bags as of Nov. 20, versus 310,446 bags a year earlier.

The decline in stocks has sparked huge premiums for the December contract versus March, hurting those who had to close out short positions. The tightness has come about in part as US chocolate maker Hershey Co positioned itself to receive a sizeable amount of cheap cocoa from ICE Futures US. New York cocoa speculators switched to a net long of 1,818 contracts in the week to Nov. 17, adding 8,094 contracts, CFTC data showed. Dealers said funds still have plenty of buying firepower, given their relatively small net long position. March London cocoa was up 13 pounds, or 0.7%, at 1,829 pounds a tonne.

March arabica coffee rose 0.9 cents, or 0.8%, to $1.1895 per lb, having slid by 4% on Friday in a retreat from Thursday's two-month high. Arabica remains under pressure from this season's record crop in top producer Brazil as fears over adverse weather receded slightly.

Arabica speculators switched to a net long of 7,623 contracts in the week to Nov. 17, adding 7,927 contracts, CFTC data showed. January robusta coffee rose $5 or 0.4% to $1,391 a tonne. March raw sugar was up 0.08 cents, or 0.5%, at 15.29 cents per lb, having hit 15.66 cents last week for its highest since mid-February.

Sugar remains underpinned by damage to Central America cane fields and a low Indian exports as the market awaits news from Delhi on export subsidies for this season.

Comments

Comments are closed.