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On Monday (November 23, 2020), New York's Cocoa hit a nine-month high, with stocks declining and buying continued due to oversupply of nearby supplies in the physical and futures markets. Sugar and coffee also rose.
COCOA
□ 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 U.S. certified stocks remain low at 209,461 60kg bags as of Nov. 20, versus 310,446 bags a year earlier.
□ 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.
COFFEE
□ 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.
SUGAR
□ 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.
□ March white sugar rose $2.50, or 0.6%, to $415.80 a tonne.
Source: Online/SZK
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