Gold traders turned bearish for the first time in a month as investors reduced holdings in exchange-traded products for an unprecedented 17th consecutive week and India, the biggest buyer, announced curbs on imports.
Futures closed lower in light volume trading. Traders are still talking about big production in Brazil and around the world. Traders remain bearish on supplies, especially from Brazil, and this has hurt New York prices.
Coffee was higher in all three markets, with little offer noted from producers. Brazil producers got news of the support program from the government yesterday, and the details had largely been leaked or anticipated by the trade.
Cocoa chart patterns suggest further rallies could be coming down the road and demand has been better than trade expectations. The flow of Cocoa from western Africa is down for seasonal considerations.
Orange juice closed higher on stronger demand reports and despite forecasts for beneficial rains in Florida this week. The monthly Neilsen report released yesterday morning showed better demand for FCOJ.