LONDON: Cocoa futures on Monday were boosted by concerns dry weather in West Africa could exacerbate tight supplies, and coffee prices were also higher.
COCOA: New York cocoa futures on ICE rose 5.3% to $11,837 a metric ton by 1505 GMT, climbing back towards the $12,931 record high set on Dec. 18.
Dealers said dry weather in West Africa was expected to slow port arrivals in top grower Ivory Coast from next month.
“Concerns about production in West Africa have compounded technical factors, including low liquidity to place upward pressure on prices,” BMI analysts said in a note.
Cocoa arrivals at ports in top grower Ivory Coast since the start of the season on Oct. 1 reached 1.109 million tons by Jan. 5, up from 873,000 tons over the same period last season, exporters estimated on Monday.
London cocoa rose 3.9% to 9,375 pounds a ton.
COFFEE: Robusta coffee was up 0.6% at $4,999 a ton, boosted by tight supplies after a slowdown in shipments from top robusta producer Vietnam.
Vietnam exported 1.34 million metric tons of coffee in 2024, down 17.2% from the previous year, government data showed on Monday.
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