LONDON: London cocoa futures fell on Thursday, slipping back towards a near three-year low set this week, while coffee prices were also lower.
COCOA
London cocoa was down 0.7percent at 2,156 pounds a metric ton at 1501 GMT. The market set a near three-year low of 2,075 pounds on Tuesday. Dealers said a pick-up in selling out of Ivory Coast and Ghana, the world’s top two producers, had contributed to recent weakness.
Ivory Coast plans to bring forward the start of its cocoa mid-crop season for the first time, allowing the regulator to sharply reduce its set price paid to farmers in the hope of boosting sales, two government sources and two regulator sources told Reuters.
New York cocoa gained 0.5percent to USD3,067 a ton.
COFFEE
Robusta coffee slipped 1.5percent to USD3,649 a ton. The market slumped to a six-month low of USD3,517 on Monday. Dealers said farmers in top robusta producer Vietnam remained reluctant to sell at current depressed prices.
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