LONDON: London cocoa futures rose to a one-month high on Wednesday, supported by concerns that dry weather could curb production in West Africa this season.
COCOA: London cocoa rose 2.1 percent to £4,383 per metric ton by 1355 GMT after setting a one-month high of £4,499.
Dealers said dry weather in Ivory Coast and parts of Ghana had contributed to the run-up in prices, heightening concerns about the impact of an El Nino weather event on crops.
They noted third-quarter cocoa grind data should provide a short-term focus. Reports covering both Europe and North America are due to be issued on Thursday.
New York cocoa gained 1.7 percent to USD5,829 a ton.
COFFEE: Arabica coffee rose 2.7 percent to USD3.0055 per lb.
Dealers said the market was supported partly by concerns that an El Nino event will curb global production in the 2027/28 season.
The recent strength of Brazil’s real currency, linked to the growing expectations that Flavio Bolsonaro will be elected president after his victory in the first round, has also boosted dollar-denominated prices.
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