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LONDON, April 19 (Reuters) – Cocoa futures on ICE rose to 6-1/2 year highs on Wednesday, buoyed by supply tightness, while raw sugar prices climbed to an 11-year peak.
COCOA
* July New York cocoa CCc2 rose 0.2% to $2,973 a tonne by 1157 GMT after peaking at $2,987 for the highest level since August 2016.
* Dealers said a pick-up in producer selling had helped to slow the recent run-up in prices.
* They noted funds have been building long positions against the backdrop of tight supplies, particularly in top grower Ivory Coast. Demand has also been holding up well in the face of global economic woes.
* Cocoa processing in Brazil rose 15% year on year in the first quarter to 64,016 tonnes, industry group AIPC said in a report on Tuesday.
* Dealers were awaiting first-quarter cocoa grind data covering North America. The data is expected to be issued around 2000 GMT on Thursday.
* The North America grind has been weaker than many other regions in recent quarters and fell 8.13% in the fourth quarter of 2022.
* July London cocoa LCCc2 rose 0.1% to 2,278 pounds a tonne after setting a 6-1/2 year high of 2,286 pounds.
SUGAR
* May raw sugar SBc1 was 1.3% up at 24.87 cents per lb after setting an 11-year high of 24.90 cents.
* Dealers said the market continued to derive support from lower than expected production in India and several other major Asian countries.
* August white sugar LSUc1 rose 1.6% to $687 a tonne.
COFFEE
* July robusta coffee LRCc2 gained 0.4% to $2,388 a tonne, creeping towards last week’s 11-1/2 year high of $2,401.
* Dealers said harvesting of Brazilian robusta (conillon) coffee was under way but the pace was slow.
* July arabica coffee KCc1 fell 1.2% to $2.0055 per lb after setting a six-month high of $2.0490 on Tuesday.
(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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