LONDON: Robusta coffee futures on ICE hit a four-year peak on Monday on tightening supplies, while London cocoa futures hit new six-month highs.
US markets were closed for a public holiday.
COFFEE
November robusta coffee closed up 1.4% to $2,087 a tonne, having set a four-year high of $2,094.
Dealers said the wide price discount for robusta versus arabica is tempting roasters to buy the bean instead of its pricier counterpart.
A strict coronavirus lockdown in top robusta producer Vietnam coupled with shipping delays is also boosting prices.
December arabica coffee closed down 0.7% at $1.93 per lb on Friday, having gained 0.4% on the week.
Speculators raised their net long position in ICE arabica futures in the week to Aug. 31 by 3,176 contracts to 30,644.
Rabobank said dry and hot weather in top arabica producer Brazil could mean a critical delay to coffee crop flowering.
COCOA
December London cocoa closed up 0.8% at 1,815 pounds per tonne, having scaled its highest since early March at 1,818.
The premium for December cocoa over March is near its highest since mid-March, with many expecting supplies to tighten in the October-September 2021/22 season.
December New York cocoa closed up 1.6% at $2,654 a tonne on Friday, having gained 3% on the week.
Speculators reduced their net long position in New York cocoa by 5,201 contracts to 1,724 in the week to Aug. 31.
SUGAR
October white sugar closed up 0.5% at $487.60 a tonne.
Germany's refined sugar production from beets in the new 2021/22 season is forecast to rise to some 4.38 million tonnes from 4.10 million tonnes.
October raw sugar closed down 1.4% on Friday at 19.62 cents per lb, having lost 2% on the week.
Speculators reduced their net long position in ICE raw sugar by 7,262 contracts to 191,937.
Marex Spectron said raw sugar, which scaled 4-1/2 year highs last month, is seen ending the year on a relatively bearish note due to low demand for whites and raws. The broker sees the longer term picture as more bullish however due to falling output in top producer Brazil.