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US: Orange juice 2% rise

Orange juice futures ended 2 percent higher on Friday, notching its biggest weekly rise in seven weeks, as gains in the grain markets and buying by small speculators triggered buying after orange juice's recent weakness.    

Key July frozen concentrated orange juice rose 3.20 cents, or 2.2 percent, to close at $1.5065 per lb after trading from $1.479 to $1.522.    

The citrus market posted an over three percent gain for the week. The rise snapped a six-week losing streak as speculators unwound bullish bets based on speculation of supply shortage due to the carbendazim scare.

One Florida-based softs trader said that outlook for the citrus market appeared improving after breaking above the $1.50 level, but thin volume suggested the market could be vulnerable for a pullback.     

Volume traded on Friday amounted to around 1,610 lots, about 30 percent below the 30-day norm.

Source: www.reuters.com    

Publication date: 4/24/2012


 


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