LONDON: Cocoa futures on ICE rose to 6-1/2 year highs on Friday boosted by tight supplies, while robusta coffee and raw sugar prices fell back slightly after recent strong gains.
COCOA:
July London cocoa rose 1.5% to 2,223 pounds ($2,781.86) a tonne by 1032 GMT after peaking at 2,225 pounds -the highest level since October 2016.
Dealers said supplies were tight, particularly in top grower Ivory Coast where port arrivals have been running behind last season’s pace while demand was providing resilient despite global economic woes.
“Supply tightness in West Africa continues to support cocoa futures,” Fitch Solutions said in a note.
Dealers said the small year-on-year rise in the European first-quarter cocoa grind, reported earlier this week, was further evidence that demand was holding up well.
The North America first quarter cocoa grind is due to be published on April 20.
July New York cocoa rose 1.2% to $2,950 a tone after setting a 6-1/2 year high of $2,952.
COFFEE:
July robusta coffee was down 1.55% to $2,345 a tonne, slipping back from the prior session’s 11-1/2 year high of $2,401.
Dealers said demand for robusta coffee had been strong and supplies in top producer Vietnam had tightened. July arabica coffee rose 0.15% to $1.9470 per lb after setting a six-month high of $1.9810 on Thursday.
SUGAR:
May raw sugar was 0.2% lower at 24 cents per lb, extending its retreat from an 11-year high of 24.85 cents set earlier this week.
The recent run-up has been driven by lower-than-expected 2022/23 crops in India, China and Thailand as well as concern that an El Nino weather event could reduce 2023/24 output in Asia where it can result in drier-than-normal weather.
May white sugar was down 0.2% at $689.10 a tonne.
Comments
Comments are closed.