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Commodity and Currency Reports

   
         
   


Cocoa

As per last month's report, cocoa prices continued to climb and climb with the fundamentals really still not supporting the 28 year highs we are experiencing at the moment. The graph speaks for itself. The recent flattening in the market was anticipated due to month end profit taking, and the forward market positions are flat or weaker

Symbol

Contract

Month

Time

Last

Chg

Open

High

Low

   

C Z9-ENC [15]

COCOA #7

 Dec '09

16:01:25

2116.00

 

-11.00

2132.00

2144.00

 

   

C H0-ENC [15]

COCOA #7

 Mar '10

16:01:13

2153.00

 

-15.00

2167.00

2181.00

 

   

C K0-ENC [15]

COCOA #7

 May '10

16:01:09

2176.00

 

-15.00

2196.00

2199.00

 

   

C N0-ENC [15]

COCOA #7

 Jul '10

15:56:26

2102.00

 

-18.00

2127.00

2131.00

 

   

C U0-ENC [15]

COCOA #7

 Sep '10

14:03:28

2106.00

 

6.00

2107.00

2115.00

 

   

C Z0-ENC [15]

COCOA #7

 Dec '10

12:01:01

2080.00

 

-1.00

2075.00

2080.00

 

   

C H1-ENC [15]

COCOA #7

 Mar '11

16:00:02

2048.00

 

-20.00

2048.00

2048.00

 

Again as we said last time, as the main crop really starts to kick in we should see dips in the market, these are expected to be short lived as Industry has relatively short cover and so the market will close the dips fairly quickly after they appear.

Dairy
Prices are still heading upwards with EU wide shortages forcing prices higher across teh board. We do expect that there will be easing as we head into 2010, but for the moment it is tough if you are buying spot.

Currency
Sterling started the month in a weak position, but then fell further due mainly to the 3 rd quarter economic results bucking the perceived wisdom that the UK economy (like the US, Japan and most of the EU),was coming out of recession.

However later in the month, poor US news helped boost sterling and it has recovered to around the Euro1.10 level.



   
   
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HB Ingredients
Cocoa House, 22 Bell Lane,Bellbrook Industrial Estate,
Uckfield East Sussex. TN22 1QL.
Tel:+44(0)845 88 00 799 Fax:+44(0)845 88 00 833