LONDON: Cocoa futures on the ICE exchange steadied on Tuesday after a blistering rally to successive record peaks while coffee prices slipped.
March London cocoa edged up 0.2% to 4,779 pounds per ton by 1222 GMT. Cocoa fell on Monday for the first time in 12 trading sessions, having set its ninth successive record high on Friday at 4,916 pounds. Cocoa arrivals at ports in top grower Ivory Coast between the Oct. 1 start of the season and Feb. 11 were down 33% year on year, exporters estimated.
Citi sees cocoa prices scaling $6,100-$6,300 a metric ton over the next month or two and has warned that demand needs to contract sharply to avoid even higher prices.
May arabica coffee fell 0.8% to $1.8960 per lb. Dealers said ICE-certified arabica stocks have finally turned a corner and are heading higher, which is likely to weigh on prices. They noted, however, that concerns have emerged over delays to the offloading of containers at Antwerp port.
The delays are linked to farmer protests that have disrupted operations at a key port for coffee deliveries.
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