LONDON: New York cocoa futures rose on Wednesday, boosted partly by a slight rise in Europe’s second-quarter grind, although concerns that a global economic downturn could curb consumption in the second half of the year capped gains.

Cocoa

September New York cocoa rose 0.3% to $2,362 a tonne by 1103 GMT as the market consolidates just above a one-year low of $2,275 hit last week.

Consumers are cutting back on chocolate due to the cost of living crises in Europe and the United States, according to new data and comments from executives at the world’s biggest chocolate companies.

Europe’s second-quarter cocoa grind rose 2% from a year earlier to 364,081 tonnes, the Brussels-based European Cocoa Association said on Wednesday.

The North American second-quarter cocoa grind is scheduled to be issued on July 21.

September London cocoa rose 0.1% to 1,756 pounds a tonne.

Raw sugar prices steady as global growth worries linger

Coffee

September arabica coffee rose 1.0% to $2.0765 per lb, extending the market’s rebound from a two-month low of $2.0475 set on Tuesday.

The market remained underpinned by the current low level of exchange certified stocks, while the harvest in top producer Brazil is slightly behind last year’s pace.

September robusta coffee rose 0.4% to $1,962 a tonne.

Sugar

October raw sugar rose 0.4% to 18.76 cents per lb.

Dealers said a report from industry group UNICA issued on Tuesday showed the cane crush in Centre-South Brazil was lower than expected in the second half of June, although the impact on sugar prices was offset by mills using a higher-than-anticipated proportion of cane to produce the sweetener rather than biofuel ethanol.

Comments

Comments are closed.