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ICE Cocoa Review: Cocoa Falls; Commodity Pressure, Expiration40 days ago
U.S. cocoa futures fell Friday, pressured by follow-through speculative selling from the recent weak trend, commodity index sales and a choppy equities market.
Nearby December cocoa lost $32, or 0.99%, to settle at $3,186 a metric ton on ICE Futures U.S. The contract lost $111 a ton in the week ended Friday.
In addition to the weak macro-economic trend, December cocoa options expired, which tugged prices south of technical support at $3,200, said Jimmy Tintle, a broker/analyst at TransWorld Futures.
"We've been in a slow boat down from the $3,400 highs in cocoa, and we're just kind of working our way lower," said Tintle.
New fundamental news is scarce, so cocoa traders have been looking to the outside markets for direction, a broker said.
An unemployment report that showed the U.S. lost 190,000 jobs in October, taking the unemployment rate to a 26-year high of 10.2%, put the Dow Jones industrial average into a choppy to weak trade, which pressured cocoa.
Economic uncertainty is normally a bearish influence on cocoa as it often depresses demand. Consumers tend to buy more chocolate and cocoa products in a strengthening economy.
Cocoa grading has been halted in Nigeria's Ekiti state because industry officials went on strike over low pay. The strike is expected to last two days.
The strike comes at a critical time as the main 2009-10 Nigerian cocoa harvest is just getting into full swing and there is plenty of product to grade, a trader said.
Open interest in cocoa fell 1,809 to total 141,910 lots, ICE reported.
ICE warehouse stocks fell 13,557 bags to total 2.763 million bags, the exchange said.
Traders were also busy rolling contracts out of December and into the March and May positions ahead of first notice day on Nov. 16.
Futures volume is pegged at 24,259 lots, with 547 calls and 1,137 put options traded.
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=eK%2FoC0VnMKIcpQjLj5%2BcGg%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
November 06, 2009 12:33 ET (17:33 GMT)
DOW JONES NEWSWIRES
ICE Change Range
Dec $3,186 dn 32 3,178 - 3,245
Mar $3,237 dn 39 3,228 - 3,254
* ICE settlements in dollars per metric ton.
-By Tom Sellen, Dow Jones Newswires; 913-322-5177; tom.sellen@dowjones.com
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