LONDON: London cocoa futures rose to the highest level in more than 2-1/2 years on Wednesday, boosted by a weaker pound and short-term supply tightness linked to a slow start to the 2022/23 main crop season in top grower Ivory Coast.
COCOA: March London cocoa rose 1.4% to 2,045 pounds a tonne by 1535 GMT, after climbing to a peak of 2,046 pounds - the highest level since February 2020.
Dealers noted the flow of cocoa from Ivory Coast had been disrupted by a dock workers strike in San Pedro, one of the nation’s two main ports.
Port arrivals in Ivory Coast have been running well below last season’s pace.
March New York cocoa fell 0.04% to $2,523 a tonne.
SUGAR: March raw sugar rose 1.05% to 19.20 cents per lb after setting a 3-1/2-month peak of 19.25 cents.
Dealers said fund-buying had helped fuel the recent run-up in prices while there are concerns that delays to the cane harvest in Centre-South Brazil may lead to lower-than-expected sugar production.
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