LONDON: Cocoa futures on ICE were slightly lower on Monday, hovering above a more than 1-1/2 year low set a week ago, while coffee and sugar prices rose.
COCOA
London cocoa fell a marginal 0.1% to 4,157 pounds a metric ton at 1117 GMT. The market slumped to a more than 1-1/2-year low of 4,029 pounds on Oct. 13.
Dealers said third quarter cocoa grind data, issued last week, had provided some support for prices.
“The final quarterly demand side data arrived for the 2024/25 marketing year, and the third quarter grind was generally better than expected – albeit still historically weak and showing immense disparity across the regions,” J.P. Morgan said in a note.
The North American Q3 cocoa grind rose 3.2%, year-on-year, but there were declines in Europe (4.8%) and Asia (17.1%).
New York cocoa was down 0.03% at $5,893 a ton.
Cocoa arrivals at ports in top grower Ivory Coast reached 132,000 metric tons by October 19 since the start of the season on October 1, down 31.6% from the same period last season, exporters estimated on Monday.
COFFEE
Arabica coffee gained 2.6% to $4.0770 per lb.
Dealers said a steady decline in ICE exchange stocks continued to support prices.
The market was also keeping a close watch in the progress in trade negotiations between Brazil and the U.S. with both sides agreeing last week to work to schedule a meeting between President Donald Trump and his counterpart Luiz Inacio Lula da Silva “at the earliest possible occasion”.
Any reduction in the 50% U.S. tariff on Brazilian imports, including coffee, would be seen as bearish for prices.
Robusta coffee rose 1.05% to $4,525 a ton.
SUGAR
Raw sugar gained 1.2% to 15.68 cents per lb.
China’s sugar imports in September totalled 550,000 metric tons, up 35.8%, year-on-year, according to data released by the General Administration of Customs on Saturday.
White sugar was up 1.05% at $443.60 a ton.
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