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.
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.
January robusta coffee fell 0.1% to $2,202 a tonne and was on track for a weekly loss of 0.5%. 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%.
March raw sugar fell 0.05% to 19.62 cents per lb but remained on track for a weekly gain of about 1.8%. December white sugar fell 0.2% to $505.60 a tonne.