LONDON: London cocoa futures hovered on Friday just below an 11-month high set earlier this week as the market consolidated after its strong advance, while raw sugar retouched the prior session's 1-1/2 month peak.
COCOA
September London cocoa was up 1 pound, or 0.05pc, to 1,851 pounds a tonne by 1136 GMT.
The benchmark second position had risen to a peak of 1,869 pounds on Wednesday, its highest since July 2018.
Dealers said the recent rise was partly driven by technically-driven buying, concerns about short-term supply tightness in Europe and moves to set a floor price for cocoa from the Ivory Coast and Ghana.
Ghana's crop outlook has also diminished.
Bad weather and crop disease have hampered the cocoa crop in second-largest producer Ghana, forcing processors there to import beans at rates higher than usual, sources familiar with the matter told Reuters.
September New York cocoa was up $2, or 0.1pc, at $2,512 per tonne.
SUGAR
July raw sugar was down 0.02 cents, or 0.2pc, at 12.73 cents per lb after equalling the prior session's 1-1/2 month high of 12.75 cents.
Supportive factors include dry weather in India and lower sugar production in Brazil.
India's sugar production could fall as much as 15pc in 2019/20 from the year before as severe drought hits a key growing region, industry sources told Reuters.
August white sugar was up $0.10, or 0.03pc, at $335.80 per tonne.
COFFEE
July arabica coffee rose 0.15 cents, or 0.15pc, to 97.50 cents per lb.
Dealers said the upside remained capped by plentiful supplies of Brazilian coffee.
The amount of coffee in the hands of private companies in Brazil reached 12.8 million bags as of March 31, up 31pc from a year earlier, the government's food supply and statistics agency Conab said on Thursday.
July robusta coffee was unchanged at $1,384 a tonne.
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