LONDON: New York cocoa futures rose to a five-week high on Monday as the market extended its recent run-up buoyed by adverse weather in top producer Ivory Coast.
COCOA
December New York cocoa was $12, or 0.6 percent, higher at $2,017 a tonne at 1356 GMT after peaking at a five-week high of $2,021.
Dealers said the market had slowly begun to regain some ground after a prolonged downtrend driven by a large global surplus in the current 2016/17 season.
Early indications that production in Ivory Coast may decline in the 2017/18 season and unrest in the world's top grower have helped to underpin prices.
Light rains and cool, overcast weather last week in most of Ivory Coast's cocoa-growing regions raised concerns about the forthcoming October-to-March main crop, farmers said on Monday.
Gendarmes in Ivory Coast fought off an overnight attack on their base north of the main city of Abidjan, a security spokesman said on Saturday.
"We assume that the market is failing to take the risks on the producer side into account," Commerzbank said in a market report, noting these included tensions in Ivory Coast, low producer prices and farmers' weak financial situation.
"We expect to see a trend towards climbing cocoa prices in the coming months," the report added.
December London cocoa rose 1 pound, or 0.06 percent, to 1,575 pounds a tonne.
SUGAR
October raw sugar was up 0.03 cent, or 0.21 percent, at 14.43 cents per lb.
Dealers said the market was consolidating just below Friday's seven-week high of 14.69 cents.
"We seem likely to continue to drift in low volume with a test of 15 cents in the short to near term," Tom Kujawa, co-head of softs at Sucden Financial, said in a market note.
The market has derived support from concerns a cold snap may have caused some crop damage in Brazil although the extent remains unclear.
October white sugar was up $1.30, or 0.33 percent, at $395.30 a tonne.
COFFEE
September arabica coffee fell 1.60 cents, or 1.17 percent, to $1.3495 per lb.
Dealers said the market was suffering a modest setback after a strong advance in prices during the last month.
The recent strength of Brazil's real currency has helped to underpin the market, helping to slow the pace of producer selling in the world's top exporter.
September robusta coffee fell $11, or 0.51 percent, to $2,132 per tonne.
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