LONDON: Cocoa futures on ICE hit two-week lows on Wednesday after Europe's third-quarter grind figures, a measure of demand, came in lower than expected.
Arabica fell after nearing 6-1/2 year highs in the previous session while raw sugar slipped.
COCOA
December New York cocoa ?fell 1.7% to $2,630 a tonne, having hit its lowest in nearly two weeks at $2,626 by 1059 GMT.
December London cocoa fell 1.6% to 1,826 pounds a tonne? for its lowest in two weeks.
Europe's third-quarter cocoa grind rose 8.7% from a year earlier to 375,811 tonnes, data showed.
Arabica coffee surges, heads back towards 6-1/2 year high
Germany's third-quarter cocoa grind rose 16.35% year on year to 108,615 tonnes, data showed.
Dealers said the Europe figures were below expectations, adding that they represent 3.5% growth from the same period in pre-pandemic 2019.
COFFEE
December arabica coffee fell 0.8% to $2.1155 per lb, having hit $2.1515 on Tuesday, just short of July's 6-1/2 year peak of $2.1520.
ICE certified arabica stocks continue to dwindle, boosting prices.
"Brazil's coffee regions received very good rainfall last week and more rain (is) forecast in the weeks ahead. Markets appear jittery however, until more rain is confirmed," Rabobank said.
NY coffee may test resistance at $2.0665
"La Nina is likely to return this month (and could) remain until Feb 2022. This could mean drier than normal weather for much of the main growing season."
November robusta coffee fell 0.3% to $2,138 a tonne.
SUGAR
March raw sugar ?fell 0.5% to 19.97 cents per lb???, having touched its highest since February 2017 on Monday at 20.61 cents.
The US Department of Agriculture (USDA) reduced its 2021/22 sugar imports estimate by 6.6% from the September report to 3 million short tonnes. The US is the world's third-largest sugar importer.
China, which vies with Indonesia as one of the world's top sugar buyers, has set the 2022 sugar import quota at 1.945 mln tonnes, unchanged from last year, the commerce ministry said.
Raw sugar recovers after hitting near two-month low
Brazilian industry group Unica will release production data for the second half of September later this session.
December white sugar edged up 0.3% to $518.40 a tonne.
Comments
Comments are closed.