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Speculators take bullish sugar stance off 2-year high

NEW YORK - Speculators cut their most bullish position in two years in rawsugar on ICE Futures U.S. in the week ended Nov. 10, as prices tumbled from a nine-month high on automatic sell orders, U.S. Commodity Futures Trading Commission data showe...

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NEW YORK - Speculators cut their most bullish position in two years in rawsugar on ICE Futures U.S. in the week ended Nov. 10, as prices tumbled from a nine-month high on automatic sell orders, U.S. Commodity Futures Trading Commission data showed on Monday.

The noncommercial dealers reduced their net long position in raw sugar futures and options by 18,247 contracts to 134,851 contracts, cutting it for the first time since turning net long six weeks prior.

They sharply cut their net long position in cotton by 10,526 lots, bringing their bullish stance in the fiber to a five-week low at 27,251 lots, the data showed.

The move came as prices fell to a 3-1/2-week low on the stronger U.S. dollar and seasonal pressure from the U.S. harvest.

In cocoa, they raised their net long position by 7,806 lots to 42,812 lots, the highest since mid-August, as slowing arrivals in top grower Ivory Coast raised concern about the 2015/16 crop following earlier dryness in the region.

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The speculators increased their net short position in arabica coffee futures and options by 5,315 contracts, bringing it to 29,201 contracts, their most bearish stance since the end of September.

The data was postponed from its usual Friday release due to the U.S. Veterans Day holiday last week. 

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