LONDON: New York cocoa futures were sharply lower on Wednesday, sliding towards last week’s two-year low, while coffee and sugar prices also fell.
COCOA
New York cocoa lost 3.95percent to USD4,258 a metric ton by 1151 GMT. The market had slumped last week to a two-year low of USD4,054. Dealers said there was continued concern over weak demand leading to a build-up in stocks of unsold cocoa in Ivory Coast and Ghana.
Ghana’s cocoa regulator COCOBOD is open to other financing options including a return to international syndicated loans after a self-financing experiment left farmers unpaid and exposed weaknesses in the world’s second-largest cocoa producer.
London cocoa dropped by 4percent to 2,969 pounds a ton.
COFFEE
Arabica coffee was down 1.65percent at USD3.6120 per lb. Dealers said the weather in Brazil had been more favourable than a year ago and arabica yields in the coming 2025/26 season should be higher than for 2024/25.
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