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LONDON, March 31 (Reuters) – New York cocoa futures on ICE rose to the highest level in more than two years on Friday while white sugar prices slipped from the previous session’s 10-1/2 year peak.
COCOA
* May New York cocoa CCc1 was up 0.1% at $2,921 a tonne by 1215 GMT, having peaked at $2,963 for the highest front-month price since November 2020.
* Dealers said the market was supported by tight supplies, with port arrivals in top grower Ivory Coast running behind last season’s pace.
* Ivory Coast has raised the guaranteed farmgate price it pays to cocoa farmers to 900 CFA francs ($1.50) per kilogram for the April to September mid-crop, up from 825 CFA francs last season, Agriculture Minister Kobenan Kouassi Adjoumani said on Friday.
* May London cocoa LCCc1 rose 0.9% to 2,151 pounds a tonne.
SUGAR
* May white sugar LSUc1 fell 1.1% to $623.70 a tonne, slipping back from the previous session’s 10-1/2 year high of $634.80.
* Dealers said the availability of white sugar to tender against the May contract appeared limited after lower than expected crops in the European Union, India and Thailand among others.
* May raw sugar SBc1 was down 0.3% at 21.89 cents per lb but on track for a weekly gain of 5.1%.
* “Downgraded harvest expectations in Brazil, India and Europe are driving supply concerns, while prices are also being supported by the continued diversion of sugar cane towards ethanol production in India,” Fitch Solutions said in a note.
COFFEE
* May robusta coffee LRCc1 fell 0.3% to $2,209 a tonne as the market continued to consolidate just below a 6-1/2 month high of $2,250 set on Tuesday.
* The market has been supported by a pick-up in demand as some roasters increase the proportion of cheaper robusta coffee in blends while shipments from top robusta producer Vietnam are running behind last season’s pace.
* May arabica coffee KCc1 fell 1% to $1.6810 per pound.
(Reporting by Nigel Hunt Editing by David Goodman )
(( nigel.hunt@thomsonreuters.com; +44 (0) 7990 561421; Reuters Messaging: nigel.hunt.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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