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DJ ICE Cocoa Review: Slight Losses; Profit-Taking, Thin Volume78 days ago
U.S. cocoa futures fell slightly Monday, as traders sold near the highs to lock in profits, in a session marked by light volume.
Nearby December cocoa lost $3 to settle at $3,242 a metric ton on ICE Futures U.S. March fell $6 to settle at $3,293 a ton.
Price pressure has been linked to increased harvest activity in top producer Ivory Coast, as more beans hit the market, he said.
"The steady inflow of strong arrivals into Ivory Coast ports continues to negate support received by positive trends in broad market sentiment," economists with Barclays Capital said.
A weak U.S. dollar versus sterling and general commodity index buying drummed up some bullish interest and kept the losses to a minimum, a broker said.
Volume was light as liquidity thins ahead of the Thanksgiving Day holiday on Thursday.
Heavy rain in Ivory Coast growing regions risks hurting the main cocoa harvest by keeping producers out of the fields and providing a constructive environment for disease such as black pod, traders said. The rain has encouraged tree growth but farmers have not been able to dry their crops properly.
China imported 129 metric tons of cocoa beans in October, a 95% drop from the previous year, the General Administration of Customs said Monday. The decline was due to a slowdown in demand as global economies struggled.
Support on March cocoa is found at Friday's low of $3,175, with the $3,103 low from Nov. 13 also a downside target for bears. Below that, support is uncovered at the October lows near $3,000 and $2,990 a ton.
March cocoa encounters nearby resistance at $3,319, with $3,360 and $3,400 providing further resistance.
Open interest rose 1,422 to total 123,538 lots, ICE reported. Only 426 positions remained open in nearby December.
Futures volume is pegged at 4,900 lots, with five calls and 717 put options traded.
-By Tom Sellen, Dow Jones Newswires; 913-322-5177; tom.sellen@dowjones.com
(END) Dow Jones Newswires
November 23, 2009 12:52 ET (17:52 GMT)
DOW JONES NEWSWIRES
ICE Change Range
Dec $3,242 dn 3 3,232 - 3,258
Mar $3,293 dn 6 3,275 - 3,315
* ICE settlements in dollars per metric ton.
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