Cocoa futures rose more than 4 percent on speculative buying on Thursday, while raw sugar futures fell to a two-week low, weighed down by a weaker Brazilian currency and speculative selling in thin trade. Coffee prices hit a new 2-1/2-month low.
March New York cocoa settled up $88, or 4.1 percent, at $2,250 per tonne, extending the prior day's gains to reach $2,255 as chart-driven speculative buying continued to dominate activity. "Once we got over yesterday's high of $2,200, it triggered more follow-through buying," a US trader said.
March London cocoa settled up 60 pounds, or 3.7 percent, at 1,674 pounds per tonne, reaching 1,680, just over a one-month high. The December London cocoa delivery will be delayed until Friday due to possible conversion of a Bulk Delivery Unit, the Intercontinental Exchange said in a notice on Thursday.
There is a 90 percent chance of the El Niño weather pattern emerging during the northern hemisphere winter 2018-19, a US government weather forecaster said on Thursday. March raw sugar settled up 0.01 cent, or 0.1 percent, at 12.75 cents per lb, turning positive later in the session, after falling to 12.43 cents, its weakest since late November.
March white sugar settled up $2, or 0.6 percent, at $345.20 per tonne, earlier sliding to $337.80, its lowest since Nov. 28. March arabica coffee settled up 1.1 cent, or 1 percent, at $1.041 per lb, after setting a new 2-1/2-month low of $1.0175.
Arabica prices were also weighed down by the Brazilian real, coupled with worries about ample production this season. March robusta coffee settled down $18, or 1.2 percent, at $1,504 per tonne after dropping to $1,500, its lowest since late September.