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Updates with settlement prices
LONDON, March 17 (Reuters) – Cocoa futures on ICE rose on Friday, boosted by tight supplies in top grower Ivory Coast, while coffee and sugar prices fell.
COCOA
* May New York cocoa CCc1 settled up $50, or 1.9%, to $2,738 a tonne.
* “We expect ongoing concerns over tight supplies to continue supporting prices, with reports emerging of Cote d’Ivoire exporters near to defaulting on contracts due to insufficient cocoa bean supply,” Fitch Solutions said in a note.
* May London cocoa LCCc1 settled up 28 pounds, or 1.4%, to 2,102 pounds per tonne.
* A total of 72,280 tonnes of cocoa was tendered against the ICE March London cocoa contract LCCH3 that expired on Thursday, exchange data showed.
COFFEE
* May arabica coffee KCc2 settled down 3.45 cents, or 1.9%, at $1.766 per lb.
* Dealers noted that exchange arabica coffee stocks were edging higher again after their recent fall to the lowest level this calendar year.
* Certified arabica stocks at the Intercontinental Exchange stood at 788,915 60-kg bags on March 16, the highest in more than two weeks.
* May robusta coffee LRCc2 settled down $40, or 1.9%, at $2,064 a tonne.
SUGAR
* May raw sugar SBc1 settled down 0.09 cent, or 0.4%, at 20.67 cents per lb.
* Dealers said turmoil in the banking sector this week had helped put the market on the defensive.
* Concern about diminishing prospects for production in the European Union and countries including India, Thailand and China, however, continued to underpin the market.
* Indian mills have produced 28.2 million tonnes of sugar since the current season began on Oct. 1, down 1% year on year, the Indian Sugar Mills Association said on Friday.
* May white sugar LSUc1 settled down $0.50, or 0.1%, at $585.10 a tonne.
(Reporting by Shariq Khan and Nigel Hunt; Editing by David Goodman, Hugh Lawson and Shounak Dasgupta)
((Shariq.Khan@thomsonreuters.com; Twitter: @shariqrtrs))
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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