NY Coffee market close review for today, April 7, 2011

NEW YORK/LONDON, April 7, 2011 - Arabica coffee prices surged to close up 3 percent in heavy volume on Thursday as funds added positions and a lack of origin selling provided little resistance.

Arabica coffee moved toward a 34-year high of $2.9665 a lb hit on March 9, and tight supplies continued to underpin the market.

"Whoever was short decided to get out and I think it's encouraged a little bit of new buying today," said Rodrigo Costa, vice president of institutional sales for Newedge USA.

NY Cocoa market close review for today, April 7, 2011

NEW YORK/LONDON, April 7, 2011 -Cocoa futures finished slightly lower as the conflict in top growerIvory Coast intensified, with United Nations peacekeepers surrounding the defenders of the nation's incumbent leader Laurent Gbagbo.  

Cocoa futures were little changed as the U.N. sent forces into the neighborhood where Gbagbo was believed to be holed up in his heavily defended compound, but did not plan to intervene.

"The market is just not willing to do much until the situation in the Ivory Coast clears out," one cocoa dealer said.

Cocoa stores in Ivory Coast still useable - forecast cocoa

LONDON, April 6, 2011 - The almost half a million tonnes of cocoa that has piled up in top producer Ivory Coast, as months of sanctions halted shipments, is expected to still be fit for export despite heat and humidity, analysts said.

There have been fears that the cocoa was at risk of rotting.

Jonathan Parkman, joint head of agriculture at brokerage Marex Financial, told 

Reuters Insider television on Wednesday that 100,000-150,000 tonnes of cocoa was unhedged and that this could have a bigger impact on prices than the resumption of shipments.

Forecast coffee production : ICO trims 2010-11 coffee output to 133.1m bags

LONDON, April 6, 2011- Global 2010-11 coffee production was revised slightly lower to 133.1 million 60-kg bags, partly due to the La Nina weather pattern reducing output, the International Coffee Organization said on Wednesday.

The estimate was down 0.6 million bags from the previous month but remained well above 2009-10 output of 123.1 million bags.

"Production data for the Asia and Oceania region have been revised downward, especially Indonesia where the impact of La Nina phenomenon has been more severe than expected," the ICO said in its monthly report. 

Source : reuters

NY Cocoa market close review for today, April 6, 2011

NEW YORK/LONDON, April 6, 2011 - Cocoa futures ended firmer on Wednesday, recouping recent losses as the prolonged conflict between presidential rivals in top grower Ivory Coast failed to be resolved as quickly as hoped.

Tuesday's optimism for a near-term resumption of cocoa exports dimmed as forces loyal to presidential claimant Alassane Ouattara launched a heavy attack on the bunker where Laurent Gbagbo was defying efforts to force him to cede power.

NY Coffee market close review for today, April 6, 2011

* May arabica coffee futures fell 3.10 cents or 1.2 percent to close at $2.6515 per lb.
 

* Market consolidated lower after Tuesday's sharp rally that pushed the  market to its biggest one-day percentage gain in five months.
 

* Concern about tight supplies continued to underpin the market -  traders.
 

* Global 2010-11 coffee production was revised slightly lower to 133.1  million 60-kg bags, partly due to the La Nina weather pattern reducing  output - International Coffee Organization.

Source : reuters

Gbagbo negotiating exit from Ivory Coast

ABIDJAN, April 6, 2011 - Ivory Coast's Laurent Gbagbo was negotiating the terms of his departure on Tuesday following a fierce assault by forces loyal to his rival and backed by U.N. and French helicopter air strikes.

But Gbagbo, who has refused to cede power after a U.N. certified election showed he lost to rival Alassane Ouattara, told French TV channel LCI that his army had called for a ceasefire, denying reports he was ready to surrender.