Infinity Trading - President Quotes - Bloomberg
CALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741
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Infinity Trading - President Quotes - BloombergCALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741 |
Bloomberg - ITC President QuotesCocoa Futures: Cocoa Prices Slump as African Harvest May Boost Supplies; Coffee DropsAug 6th, 2010 Cocoa futures fell in New York and dropped to an 15-week low in London, on expectations that harvests in West Africa will increase supplies later this year. Coffee also declined. Output in Ivory Coast and Ghana, the biggest growers, usually begins in October. World production has fallen behind demand in three of the last four years, according to the International Cocoa Organization. Confectioners and food manufacturers may be delaying purchases to see if prices drop, said Fain Shaffer, the president of Infinity Trading Corp. “After the market failed to make a new high, a lot of the manufacturers just may be waiting on the side,” said Shaffer from Medford, Oregon. “Growing conditions in West Africa may be favorable. It’s just going to add supplies to the market.” Cocoa futures for December delivery fell $103, or 3.3 percent, to close at $3,035 a metric ton at 12 p.m. on ICE Futures U.S. in New York, the biggest drop since July 19. Prices declined 1.8 percent this week. “What’s fueling this downside is just profit-taking for the most part,” said Jim Goens, a market analyst at LaSalle Futures Group in Chicago. In London, cocoa futures for September delivery dropped 99 pounds, or 4.3 percent, to settle at 2,193 pounds ($3,501) a ton on the Liffe exchange at 4:59 p.m. local time. Earlier, cocoa slid to 2,179 pounds, the lowest price for the most-active contract since April 20. Cocoa ‘Good Harvest’“Growing conditions in West Africa were quite good and a good harvest” can be expected, Eugen Weinberg, the head of commodity research at Commerzbank in Frankfurt, said in an e-mail. Crops will be brought in “probably even earlier than usual,” he said.U.S. private-sector employment grew less than expected, the Labor Department said today. Payrolls that exclude government agencies climbed by 71,000. Overall employment fell by 131,000, the department said. “Today, the payroll numbers were weak,” Shaffer said. “That could be adding to the selling today.” Arabica-coffee futures for September delivery fell 2.45 cents, or 1.4 percent, to settle at $1.674 a pound in New York as of 2 p.m. Prices dropped 5 percent this week. Robusta-coffee futures for September delivery declined $22, or 1.3 percent, to $1,718 a ton in London at 5:30 p.m. local time. - Alistair Holloway in London and Elizabeth Campbell in Chicago at Bloomberg. See All Bloomberg ITC President Quotes |
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