LONDON: Coffee, sugar and New York cocoa futures rose on Thursday as a weaker dollar prompted a broad-based rally in commodities priced in the US currency.
COFFEE
March arabica coffee climbed 1.85 cents, or 1.5 percent, to $1.2435 per lb by 1219 GMT.
"I haven't heard of anything that is different apart from the fact that the dollar is getting slapped. I would put this rally down to currency," one London dealer said.
The dollar stumbled near multi-year lows on Thursday following the US treasury secretary's comments that he welcomed a weaker greenback, while attention turned to whether the European Central Bank can stomach a surging euro at its policy decision.
March robusta coffee rose $10, or 0.6 percent, to $1,785 a tonne.
Dealers noted there was some selling in Vietnam as farmers sought to get cash ahead of the Tet holiday in mid-February.
The pace of selling was, however, curtailed by local prices which remain well below last year's 5-1/2 year high of 47,650 dong a kg.
"Farmers do want to sell, but they are still dreaming the old price dream," said independent analyst Nguyen Quang Binh.
SUGAR
March white sugar rose $2.60, or 0.7 percent, to$353.60 per tonne as a weaker dollar helped the market pull away from Wednesday's more than two-year low of $350.50.
March raw sugar rose 0.15 cents, or 1.1 percent, to 13.31 cents per lb, boosted by a weaker dollar.
Smaller sugar producers in South America and Southeast Asia made inroads into China in 2017, data showed on Thursday, taking advantage of hefty duties on Brazilian and Thai imports to win sales in one of the world's biggest buyers of the sweetener.
COCOA
March New York cocoa rose $16, or 0.8 percent, to$1,971 a tonne, supported by the softer dollar.
Dealers said the market was helped by signs of rising demand with data showing higher global chocolate confectionery sales while fourth-quarter grinds rose in Europe and Asia.
March London cocoa was unchanged at 1,357 pounds a tonne.
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