Cocoa Futures Options Trading
CALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741
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Cocoa Futures Options TradingCALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741 |
Cocoa Futures: Cocoa Drops on Supply Surplus, Weaker U.K. Pound; Coffee Gains March 9th, 2010Cocoa futures slid to a six-month low in New York on a forecast for a supply surplus next season, and as the U.K. pound, used to trade the commodity in London, dropped. Coffee rose for the third straight session. Cocoa supply will exceed demand by about 80,000 metric tons in the 2010-2011 season, the International Cocoa Organization said today. The estimate is based on “normal” weather conditions, Laurent Pipitone, the group’s statistician, said. The pound slid to a one-week low against the dollar, lowering the appeal of cocoa traded in New York. Prices are down today partly on signs of “supply exceeding demand,” said Dennis Cajigas, a senior market strategist at Lind-Waldock in Chicago. “Outside market pressure isn’t helping, with the pound being lower and the dollar being higher. All those combined continue to push it lower.” Cocoa futures for May delivery fell $46, or 1.6 percent, to $2,788 a metric ton at 9:26 a.m. on ICE Futures U.S. in New York. Earlier, the price touched $2,766, the lowest level since Aug. 31. Also on ICE, arabica-coffee futures for May delivery rose 0.45 cent, or 0.3 percent, to $1.3155 a pound. The most-active contract gained 0.7 percent in the previous two sessions. Before today, coffee jumped 22 percent in the past year on signs of a global-production deficit. - Elizabeth Campbell in New York at Bloomberg. Click here for your Free Cocoa Futures Trading eGuide |
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