Commodity Weakness Persists

This is source I found from another site, main source you can find in last paragraph

(Updates prices, adds detail, comment)

LONDON, June 22 (Reuters) - Cocoa futures on ICE tumbled on Thursday to multi-week lows as technical weakness inspired another bout of speculative selling, while raw sugar fell to a fresh 16-month low.

COCOA

* September New York cocoa was down $45, or 2.43 percent, at $1,808 a tonne by 1407 GMT after hitting $1,806, its weakest in nearly seven weeks.

* September London cocoa was down 41 pounds, or 2.72 percent, to 1,467 pounds ($1,856.64) a tonne, after slipping to its weakest in almost four weeks.

* A wave of speculative selling, against a backdrop of ample global supplies, sent both markets sharply lower in the previous session, with New York shedding 3.4 percent and London losing 3.1 percent.

* Dealers said the market was pressured further on Thursday by another wave of selling by speculators.

* "It's follow-through selling continuing on from yesterday," said one dealer. "With not much new on the horizon to change the trend, the selling has continued and the market is drifting lower."

* The weak technical close and the market's slip below the short-term moving average in the previous session was also adding further chart-based pressure, dealers said.

SUGAR

* July raw sugar fell 0.14 cents, or 1.07 percent, to 12.92 cents per lb, after hitting a fresh 16-month low of 12.90 cents.

* The market was hit for a second day by broader commodity weakness which partly drove the sharp collapse in prices in the previous session.

* "The commodity basket remains under heavy selling pressure," said Sucden Financial's Tom Kujawa in a market update, noting the "speculative community continue to be in sell mode."

* Dealers also pointed to a weakening Brazilian currency, which encourages producers to boost selling of dollar-traded commodities like sugar.

* Buying appetite, meanwhile, was lacklustre as focus remained on ample global supplies.

* "If you look at the spread between the July and October, it's still not enough of an incentive to front-load buying," said one dealer. "There's absolutely no urgency."

* August white sugar fell $2.40, or 0.60 percent, to $394.80 a tonne.

COFFEE

* September arabica coffee slipped 1.45 cents, or 1.19 percent, to $1.206 per lb, after touching a one-year low as speculators continued to bolster an already sizeable short position.

* September robusta coffee fell $7, or 0.34 percent, to $2,065 a tonne.

* Uganda's coffee exports jumped 42 percent in May from last year, lifted by extra yields from new maturing trees. ($1 = 0.7901 pounds) (Reporting by Ana Ionova, editing by Pritha Sarkar and Toby Davis)

This is source I found from another site, main source you can find in last paragraph

Source : http://timesofindia.indiatimes.com/business/international-business/cocoa-stumbles-as-selling-persists-raw-sugar-at-16-month-low/articleshow/59272662.cms

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