LONDON: London cocoa prices rose on Friday, regaining some ground after falling in the previous session to the weakest level since October 2018, but weak demand remained a concern with lower second-quarter grinds reported in Asia, North America and Europe.
December London cocoa was up 17 pounds, or 1.1%, at 1,572 pounds a tonne by 1427 GMT. Dealers said there may be scope for a short-term bounce after the market's recent prolonged decline, but the backdrop remained bearish with demand weak and the outlook for 2020/21 crops in top grower Ivory Coast seen generally favourable.
September New York cocoa rose $24, or 1.1%, to $2,185 a tonne. September arabica coffee rose 3.45 cents, or 3.6%, to $1.0185 per lb after peaking at $1.02, the highest level since July 8.
The market was supported by technically-driven buying after breaching resistance around the 10-day moving average. September robusta coffee rose $20, or 1.6%, to $1,263 a tonne. October raw sugar was down 0.03 cents, or 0.25%, at 11.76 cents per lb. October white sugar rose $3.50, or 1%, to $352 a tonne.
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