LONDON: London cocoa futures on ICE fell on Wednesday, slipping back towards a more than 1-1/2 year low set earlier this week, as weakening demand exerted downward pressure on prices.
COCOA
London cocoa lost 3.1% to 4,089 pounds a metric ton at 1120 GMT. The market slumped to a more than 1-1/2-year low of 4,029 pounds on Monday.
Traders were awaiting the release on Thursday of third quarter grinding data for Europe and North America with year-on-year declines anticipated.
Ivory Coast’s cocoa grind fell 38.6% year-on-year in September to 33,764 metric tons, data from exporter association GEPEX showed on Tuesday.
New York cocoa fell 2.7% to $5,740 a ton.
COFFEE
Arabica coffee gained 2.8% to $4.11 per lb, having hit its highest since mid-September at $4.1340.
The market was buoyed by concerns over dry weather in top grower Brazil and falling exchange stocks.
Robusta coffee rose 2.7% to $4,539 a ton.
SUGAR
Raw sugar fell 1.95% to 15.57 cents per lb.
The market was awaiting data on sugar and cane production in the key Centre-South region of Brazil for the second half of September, which should be published during the next few days.
White sugar lost 1.9% to $442.30 a ton.
Pakistan’s state trading agency the Trading Corporation of Pakistan (TCP) is believed to have rejected all offers and made no purchase in an international tender for 100,000 tonnes of sugar this week, European traders said on Wednesday.