NY cocoa retreats from 9-month peak, coffee climbs
- March New York cocoa fell $67, or 2.4pc, to $2,718 a tonne by 1342 GMT after rising on Tuesday to a nine-month high of $2,821.
LONDON: New York cocoa futures retreated from the prior session's 9-month peak on Wednesday, but arabica coffee prices were boosted by dry weather in top producer Brazil.
COCOA
March New York cocoa fell $67, or 2.4pc, to $2,718 a tonne by 1342 GMT after rising on Tuesday to a nine-month high of $2,821.
Dealers said conditions were choppy with profit-taking emerging ahead of Thursday's U.S. holiday.
They noted the market was keeping a close watch on potential sales from Ivory Coast and Ghana following the recent run-up in prices.
The two West African producers have struggled to sell their 2020/21 crop following the introduction of a premium to help alleviate farmer poverty.
March London cocoa fell 30 pounds, or 1.6pc, to 1,824 pounds per tonne.
COFFEE
March arabica coffee was up 2.80 cents, or 2.5pc at $1.1870 per lb.
Dealers said dry weather in southern Brazil remained a key supportive factor, denting the outlook for next year's crop in the world's top producer.
January robusta coffee rose $7, or 0.5pc, to $1,360 a tonne.
SUGAR
March raw sugar fell 0.08 cents, or 0.5pc, to 14.96 cents per lb as the market continued to wait for news from India about potential export subsidies for the 2020/21 season.
Indian sugar mills have for the first time in three years agreed to export the sweetener without the support of government subsidies as they scramble to pay dues owing to farmers, sources told Reuters.
"News and market chatter continues to focus on India's possible exports and the required subsidies," said Commonwealth Bank of Australia analyst Tobin Gorey.
March white sugar fell $1.50, or 0.4pc, to $407.10 a tonne.
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