LONDON: ICE London cocoa recovered on Monday after hitting its lowest level in more than a year on concerns that a second wave of coronavirus infections could hurt demand as the outlook for supply improves.
September London cocoa rose 12 pounds, or 0.7%, to 1,702 pounds per tonne at 1545 GMT, having hit its lowest since last May at 1,660 pounds.
Speculators increased their net short cocoa position by 3,853 contracts to 13,653 contracts in the week to June 16, CFTC data showed.
September New York cocoa rose $15, or 0.7%, to $2,267 a tonne.
July raw sugar fell 0.2 cent, or 1.7%, to 11.84 cents per lb.
August white sugar fell $4.70, or 1.3%, to $363.60 a tonne, having hit its lowest since early June at $361.
Commonwealth Bank of Australia said lucrative white refining premiums might have spurred some extra supply. It added that raw sugar might lack support as investors have mostly covered their short positions.
Speculators raised net long positions in ICE raw sugar futures in the week to June 16 by 13,081 contracts to 22,628 contracts.
September arabica coffee rose 1.9 cents, or 2%, to 97.80 cents per lb, having hit a nine-month low of 94.55 cents last week.
Speculators increased their short bet in ICE arabica futures by 6,664 contracts to 24,153 contracts.
Coffee, like cocoa, is under pressure from muted demand and bets on record Brazilian production. September robusta coffee rose $8, or 0.7%, at $1,183 a tonne.
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