LONDON: New York cocoa futures on ICE fell to a two-year low on Tuesday as a build-up in stocks of unsold cocoa in Ivory Coast and Ghana continued to weigh on the market while coffee and sugar prices were also lower.
COCOA
New York cocoa lost 5.2 percent to USD3,890 a metric ton by 1436 GMT after setting a two-year low of USD3,858.
Ghana will hold an emergency cabinet meeting on Wednesday to discuss the crisis, which partly stems from weak global demand for cocoa.
London cocoa fell 5.8 percent to 2,785 pounds a ton.
COFFEE
Arabica coffee lost 0.4 percent to USD2.9875 per lb, slipping back towards Monday’s six-month low of USD2.9180.
Dealers said the recent price decline had been driven largely by favourable weather that could lead to a record Brazilian crop this year.
Robusta coffee fell 1.5 percent to USD3,778 a ton.
Global green coffee exports in December rose 9.2 percent from a year earlier to 10.15 million 60kg bags, the International Coffee Organization (ICO) said in a monthly report on Tuesday.
SUGAR
Raw sugar was down 0.3 percent at 14.30 cents per lb, with a projected global surplus for the current 2025/26 season helping to keep the market on the defensive.
China maintained its forecast for 2025/26 sugar output on Tuesday at 11.7 million tons, up from 11.16 million tons the previous season.
White sugar declined 0.8 percent to USD402 a ton.
Comments
Comments are closed for this article.