New York cocoa down

New York cocoa futures on ICE fell for the fifth straight session on Friday, as the British pound extended losses against the US dollar, while raw sugar hovered above the lowest level in more than six years. London cocoa extended losses after falling from an eight-month high on Thursday, but remained in technically overbought territory, while coffee was mixed in quiet dealings as the robusta May contract expired.
US cocoa futures extended losses in heavy volume on pressure from the weak sterling as the International Cocoa Organisation's upward revision of the 2014/15 deficit to 38,000 tonnes was already worked into the market, traders said. New York July cocoa settled down $33, or 1.1 percent, at $3,085 per tonne. Total open interest rose for the thirteenth straight session to a one-year high at 223,162 lots on Thursday.
July London cocoa closed down 18 pounds, or 0.8 percent, at 2,107 pounds a tonne. Both cocoa markets closed higher for the second straight month. Coffee and sugar markets ignored Brazil's weakening currency, the real, which had encouraged producer and speculative selling earlier in the week.
July raw sugar futures on ICE ended up 0.04 cent, or 0.3 percent, at 11.98 cents a lb. They closed May down 7.7 percent. "We remain bearish of the market," said Nick Penney, a senior trader with Sucden Financial Sugar, referring to the weak real currency and hefty global stocks of the sweetener. August white sugar on ICE settled up $1.70, or 0.5 percent, at $349.10 per tonne. Arabica coffee futures were slightly higher after a choppy session as the market consolidated above Wednesday's low, the lowest level since January 2014.
"It's already been crushed so dramatically, it's digging into some long-term support," said Shawn Hackett, president of Hackett Financial Advisors, in Boynton Beach, Florida. Arabica is typically pressured at this time of year as top grower Brazil begins harvest, but after already falling nearly 8 percent in May, there may not be much more room to the downside, Hackett said. July arabica coffee closed up 1 cent, or 0.8 percent, at $1.2615 per lb, hovering just above Wednesday's lowest level since January 2014 at $1.2355. It closed the month down 7.6 percent, its biggest monthly tumble since February. Robusta coffee rose for the third straight day after tumbling to a 1-1/2-year low on Tuesday. July futures rose $10, or 0.6 percent, to end at $1,632 a tonne.