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Markets

NY cocoa futures ease on expectations of large crops

  • March arabica coffee rose 0.25% to $2.0150 per lb after touching a low of $2.0145, the weakest level since Oct. 29
09 Nov, 2021

LONDON: New York cocoa futures on ICE fell on Tuesday, drifting towards a three-month low struck in the previous session, pressured by a generally favourable outlook for production in West Africa despite a slow start to the main crop season.

Cocoa

March New York cocoa was down 0.8% at $2,461 a tonne by 1441 GMT after setting a three-month low of $2,433 on Monday.

Dealers said the early flow of cocoa in the 2021/22 main-crop season had been slower than the previous season in both Ivory Coast and Ghana, but supplies are still likely to be ample.

"So far it seems these figures have been unable to shake the expectations of market participants that the two leading producer countries will achieve a large cocoa crop," Commerzbank said in a note.

March London cocoa fell 0.6% to 1,663 pounds a tonne. SUGAR

March raw sugar fell 0.1% to 19.90 cents per lb.

Dealers said data on cane and sugar production in Centre-South Brazil, covering the second half of October, was expected to be released in the next few days.

A survey conducted by S&P Global Platts had an average estimate for CS Brazil sugar production in the second half of October of 711,200 tonnes, down 59% from a year earlier.

December white sugar, which expires next Monday, rose 0.3% to $515.70 a tonne.

A delivery of about 500,000 tonnes is expected against the December contract, which would be slightly below the 618,300 tonnes tendered against the December 2020 contract.

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

Coffee

March arabica coffee rose 0.25% to $2.0150 per lb after touching a low of $2.0145, the weakest level since Oct. 29.

Dealers said recent rains in Brazil should aid the recovery of next year's crop in the world's top producer. Drought followed by frosts had prompted talk of significant damage.

January robusta coffee rose 0.3% to $2,172 a tonne.

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