COMMODITIES-Coffee, cocoa jump as softs rule; oil, metals quiet
NEW YORK, Nov 15 (Reuters) - Coffee had its biggest gain in more than two years in London, reflecting bad harvesting weather for Vietnam's robusta crop, while cocoa rallied in New York as the "softs" markets dominated Friday's action in commodities. Oil , copper and gold prices were little changed due to familiar geopolitical and supply-demand conditions, although a stronger dollar weighed slightly on those major raw materials markets.
Coffee and cocoa had among the biggest gains of the day on the Thomson Reuters/Core Commodity CRB index. The two crops, along with sugar, are collectively known as soft commodities. The CRB, a bellwether for the commodities complex, rose 0.2 percent after 14 of the 19 markets it tracks ended in the positive. Arabica, the coffee grade preferred in the United States and tracked by the CRB, rose more than 3 percent in New York to lead the CRB's gains. The London-traded robusta, which is not quoted on the CRB, closed up 4 percent for its largest daily gain since mid-2011. "As we go into the weekend and shore things up, you have people who don't want to be left behind the eight ball if we have a turnaround next week," Hector Galvan, a senior softs broker at RJO Futures in Chicago, said, using pool players' lingo for an unfinished game. Arabica coffee's second-month contract on New York's ICE Futures finished up 3.45 cents, or 3.3 percent, at $1.091 per lb. Traders said the market rebounded on technical covering after hitting a near five-year low of $1.0415 last week. Robusta's most-active second month position on London's Liffe closed up $64 at $1,511 a tonne. It had surged much as 5 percent during the day to a session high of $1,520. Robusta rallied in response to rains hampering harvest of the crop in top growing country Vietnam. A technically oversold market also drove short-covering, robusta traders said. Cocoa had the second largest gains on the CRB. In New York, the beverage and confection commodity's second-month contract rose nearly 2 percent to finish at $2,730 a tonne. Soybeans weighed the most on the CRB. The crop's front-month contract in Chicago closed down 2.5 percent at $12.80-1/2 a bushel after disappointing U.S. exports of the crop, weak cash prices and rising harvest expectations out of South America.
Prices at 3:45 p.m. EDT (2045 GMT)
LAST/ NET PCT YTD CLOSE CHG CHG CHG US crude 96.67 -0.02 0.0% 5.3% Brent crude 108.31 0.03 0.0% -2.5% Natural gas 3.660 0.055 1.5% 9.2% US gold 1287.40 1.10 0.1% -23.2% Gold 1287.70 0.69 0.1% -23.1% US Copper 3.17 0.01 0.3% -13.2% LME Copper 7010.00 18.00 0.3% -11.6% Dollar 80.827 -0.198 -0.2% 5.3% CRB 274.337 0.494 0.2% -7.0% US corn 422.00 -4.50 -1.1% -39.6% US soybeans 1280.50 -33.00 -2.5% -9.7% US wheat 644.50 -0.25 0.0% -17.2% US Coffee 105.75 3.15 3.1% -26.5% US Cocoa 2736.00 75.00 2.8% 22.4% US Sugar 17.55 -0.09 -0.5% -10.0% US silver 20.727 20.520 1.6% -31.4% US platinum 1438.90 -5.20 0.0% -6.5% US palladium 732.65 -7.15 -1.0% 4.2%
(Editing by Peter Galloway)