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Markets

Cocoa slumps to 3-month low, raw sugar hits near 1-month peak

  • January robusta coffee slipped 0.1% to $2,179 a tonne
  • March raw sugar rose 0.5% to 20.04 cents per lb
08 Nov, 2021

LONDON: Cocoa futures on ICE fell to three-month lows on Monday as speculators sold their long positions on signs of ample supply, while raw sugar hit a near one-month peak. COCOA

March New York cocoa was little changed at $2,446 a tonne at 1250 GMT, after touching its lowest since early August at $2,438. The contract fell 5.1% last week.

March London cocoa fell 0.7% to 1,660 pounds per tonne - its lowest since early August.

Cocoa arrivals at ports in top grower Ivory Coast reached 330,000 tonnes between Oct. 1 and Oct. 31, up 9.8% from the same period last year, data showed.

Ghana's cocoa arrivals reached 10,951 tonnes between Oct.1 to Oct. 14, down from 14,168 tonnes the previous season, data showed.

ICE New York cocoa speculators increased their net short position by 1,954 contracts to 14,485 in week to Nov. 2, data showed.

Sugar

March raw sugar rose 0.5% to 20.04 cents per lb, having gained 3.4% last week.

Broker Marex Spectron said demand for sugar has returned, helped by the recent dip in prices and a reduction in freight rates.

"That was the missing ingredient and now means the market should be able to rely on steady consumer buying, while producer selling is uncertain because (they) are naturally afraid of selling too early and too cheap," the broker said.

December white sugar rose 1.2% to $514 a tonne.

New York cocoa prices fall; coffee and sugar also lower

Coffee

January robusta coffee slipped 0.1% to $2,179 a tonne. The contract hit a 2-1/2-year high of $2,278 in late October.

Dealers said top robusta producer Vietnam's 2021/22 crop was expected to match the 2020/21 crop at 29 million 60 kg bags as many farmers failed to apply enough fertiliser amid soaring prices.

The country's 2021/22 crop was previously expected to reach 31 million bags, they said.

March arabica coffee edged up 0.1% to $2.0665 per lb.

Dealers noted ICE certified arabica stocks are currently at their lowest since April.

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