LONDON: New York cocoa futures on ICE fell on Friday, drifting down towards a three-month low set this week, as a favourable crop outlook in West Africa weighed on prices. COCOA
March New York cocoa was down 0.6% at $2,466 a tonne by 1137 GMT after setting a three-month low of $2,460 on Wednesday.
Dealers said the prospect of a large crop in top producer Ivory Coast weighed on prices, as did signs that weak processing margins could be stalling a recent revival in grindings after a pandemic-related slump.
"Cocoa prices have continued to fall as a result of an improved supply outlook in West Africa and a stunted grinding rebound in Asia," Fitch Solutions said in a note.
March London cocoa fell 0.4% to 1,676 pounds a tonne.
January robusta coffee fell 0.1% to $2,202 a tonne and was on track for a weekly loss of 0.5%.
Dealers said the market had been consolidating just below last week's 4-1/2 year high of $2,278, with the focus still on the harvest in top robusta producer Vietnam.
They added that the COVID-19 pandemic had led to a Vietnam labour shortage that was threatening to disrupt the harvest.
December arabica coffee fell 0.1% to $2.0835 per lb but was on track for a weekly gain of 2.2%. SUGAR
March raw sugar fell 0.05% to 19.62 cents per lb but remained on track for a weekly gain of about 1.8%.
Dealers said the market continued to lack a clear overall trend, with prices near the middle of a range from 18.50 cents to 20.50 cents.
December white sugar fell 0.2% to $505.60 a tonne.