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LONDON, April 14 (Reuters) – Cocoa futures on ICE rose to 6-1/2 year highs on Friday boosted by tight supplies, while raw sugar prices were consolidating just below an 11-year peak set earlier this week.
COCOA
* July London cocoa LCCc2 settled 19 pounds, or 0.9%, higher at 2,209 pounds per tonne after peaking at 2,234 pounds – the highest level since October 2016.
* Dealers said supplies were tight, particularly in top grower Ivory Coast where port arrivals have been running behind last season’s pace while demand was providing resilient despite global economic woes.
* “Supply tightness in West Africa continues to support cocoa futures,” Fitch Solutions said in a note.
* Dealers said the small year-on-year rise in the European first-quarter cocoa grind, reported earlier this week, was further evidence that demand was holding up well.
* The North America first quarter cocoa grind is due to be published on April 20.
* July New York cocoa CCc2 fell $18, or 0.6%, to $2,897 a tonne after earlier setting a 6-1/2 year high of $2,958.
SUGAR
* May raw sugar SBc1 settled 0.06 cent, or 0.2%, higher 0 cents per lb, consolidating just below an 11-year high of 24.85 cents set earlier this week.
* The recent run-up has been driven by lower-than-expected 2022/23 crops in India, China and Thailand as well as concern that an El Nino weather event could reduce 2023/24 output in Asia where it can result in drier-than-normal weather.
* August white sugar LSUQ3rose $2.00, or 0.3%, at $668.20 a tonne.
COFFEE
* July robusta coffee LRCc2 settled $38, or 1.6%, lower 344 a tonne, slipping back from the prior session’s 11-1/2 year high of $2,401.
* Dealers said demand for robusta coffee had been strong and supplies in top producer Vietnam had tightened.
* July arabica coffee KCc1 fell 2.9 cents, or 1.5%, at $1.915 per lb after setting a six-month high of $1.9810 on Thursday.
* The new Brazilian crop seemed to be on track for a good production, although not a record, said a report on Friday.
(Reporting by Marcelo Teixeira and Nigel Hunt; Editing by Sharon Singleton, Jane Merriman and Krishna Chandra Eluri)
((marcelo.teixeira@tr.com; +1 332 220 8062; Reuters Messaging: marcelo.teixeira.thomsonreuters.com@reuters.net – https://twitter.com/tx_marcelo))
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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