New York cocoa futures on ICE rose on Friday, clawing back some of the previous session's losses as concerns over dry weather in West Africa persisted, while arabica coffee slipped on the day but still managed to finish the week in positive territory.
COCOA
March New York cocoa settled up $35, or 1.5 percent, at $2,408 per tonne. Friday marked its second settle this week above the $2,400 level, which was a technically supportive signal, dealers said. On the week, the contract jumped 6 percent, its best performance since mid-October and its fifth consecutive positive weekly finish.
On Wednesday, prices surged to $2,436, their highest since mid-July on speculative buying and renewed concerns about weather conditions in West Africa, the top growing region. Hot, dry weather in West Africa could help the contract stay above the $2,100-$2,400 trading range it has been stuck in for the past several weeks, said Shawn Hackett, president of Hackett Financial Advisors in Boca Raton, Florida. Speculators slashed their net short position in London cocoa by 9,072 lots to 5,465 lots as of Dec. 24, exchange data showed.
COFFEE
March arabica coffee settled down 0.8 cent, or 0.8 percent, at $1.0095 per lb. On the week, the contract gained 1.3 percent, following seven straight weeks of declines. Last week, the contract touched a 3-month low of 98.60 cents per lb. Fundamentally, focus remained on ample global supplies, dealers said.
March robusta coffee settled up $20, or 1.3 percent, at $1,528 per tonne. Gains were capped by the threat of producer hedging in top grower Vietnam, which is harvesting a massive crop.
SUGAR
March raw sugar settled up 0.14 cent, or 1.1 percent, at 12.39 cents per lb. On the week, the spot contract gained 0.4 percent on the back of two weeks of declines. March white sugar settled up $3.10, or 0.9 percent, at $339 per tonne. The contract rose 0.6 percent on the week, its first positive finish in four.
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