Coast cocoa snagged by customs dispute-exporters

ABIDJAN, April 26 , 2011 - The export of nearly half a million tonnes of Ivorian cocoa is being held up by demand from local customs authorities that duty be paid in cash rather than by cheque, exporters told an industry meeting on Tuesday.

However a top official of the CGFCC sector body said he was optimistic the dispute could be settled and that supplies of Ivorian cocoa could resume in a matter of days.

"We insisted but Customs demanded that it be paid in cash. In any case, I am hopeful that things will be sorted out today," CGFCC director of operations Eric Koffi told the meeting, in which several exporters said they could not resume supplies until the dispute was settled.

Koffi later told Reuters he believed the first exports could take place "in a matter of days". Exports have been blocked by a months-long political crisis which eased this month with the ousting of incumbent Laurent Gbagbo, who had refused to step down after a November election he was judged to have lost. 

SOURCE : REUTERS

NY COFFEE AND COCOA market close review for today, April 26, 2011

COFFEE
* July arabica coffee futures surged 5.50 cents or  1.9 percent to finish at $2.9630 per lb.
 

* Contract moved closer to last week's 34-year peak at  $3.0250 per lb.
 

* Total volume light at 12,287 lots, down 39 percent from  the 30-day average - preliminary Thomson Reuters data.

LONDON COFFEE AND COCOA market close review for today, April 26, 2011

Liffe coffee ends sharply up as ICE arabicas surge

* Liffe July robusta coffee rose $67 to close at  $2,502 a tonne after setting a contract high of $2,549. Market  bolstered by renewed strength in ICE arabicas, which surged back  up towards a recent 34-year peak.
 

* Liffe August white sugar fell $6.00 to close at  $633.10 a tonne. Market weighed by expectations of ample  produciton from Brazil and Thailand and the possibility of  further unrestricted exports from India.
 

* Liffe July cocoa ended 17 pounds higher at 1,907  pounds a tonne. Traders monitoring situation in top grower Ivory  Coast where the cocoa sector set to resume operations within  days following a violent post-election conflict.
 SOURCE : REUTERS

NY COCOA Forecast for today, April 26, 2011

New York cocoa remains technically neutral, move between $3,054 and $3,131 per tonne.
 

If market reach $3,131, price may extend to $3,200, an upper channel line resistance, while a break below $3,054 will trigger a fall to $3,018 first and $2,940 if the $3,018 level fails to hold up the fall.

 

The bias is still at the upside, as a short-term rising channel will be intact so long as cocoa stays above $3,018. ------

NY COFFEE ( ARABICA ) Forecast for today, April 26, 2011

New York coffee is expected to retrace more to $2.8890 per lb, based on its wave pattern and a Fibonacci retracement analysis.
 

A five-wave cycle has completed on the rise from $2.6690 to $3.0250, and a Fibonacci retracement reveals an immediate target at $2.8890, the 38.2 percent level.
 

A rising channel will be violated, with a projected target pointing to the same as well.
 

Resistance is at $2.9820, a rise above which will confirm the resumption of the medium-term uptrend towards $3.05. ----

 

Forecast : Indonesia and Malaysia Cocoa

INDONESIA

SUMMARY- Scattered showers and thundershowers yesterday, 0.10-1.50+ inches(3-38+ mm). Temperatures 77-94F (25-34C).

FORECAST-

TODAY...Additional showers and thundershowers expected, 0.10-1.50+ inches(3-38+ mm). Temperatures 78-94F (26-34C).

TONIGHT...Showers diminish overnight.

Vietnam Coffee-April loading rises, discounts widen

HANOI, April 26, 2011 - Vietnam's April coffee exports jumped an estimated 30.3 percent from the same month in 2010 to 155,000 tonnes, or 2.58 million bags, exceeding market expectations, the agriculture ministry said.

Rising exports from Vietnam could put a cap on London robusta futures prices, which have been gaining in recent months in line with the advance of arabica prices and an expected production shortfall in rival robusta producer Indonesia.

The estimated shipment this month brought coffee exports in the period between January and April to 11.25 million 60-kg bags, up 45.4 percent from the corresponding period a year ago, the ministry said in a report compiled on Monday.