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LONDON, March 2 (Reuters) – London cocoa futures on ICE were slightly lower on Thursday, slipping back from the previous session’s six-year high, while sugar and arabica coffee prices also fell.
COCOA
* May London cocoa LCCc2 fell 0.9% to 2,147 pounds a tonne by 1526 GMT. The market had risen on Wednesday to a six-year high of 2,177 pounds.
* Dealers said the market remained underpinned by tight supplies, particularly in top grower Ivory Coast, where bean exports this season are running well behind a year earlier.
* May New York cocoa CCc2 fell 1.55% to $2,797 a tonne with a strong dollar adding to the downward pressure on prices.
SUGAR
* May raw sugar SBK3 fell 1.3% to 20.31 cents per lb, losing some ground after climbing on Wednesday to a contract high of 20.65 cents.
* Dealers said the market continued to focus on the outlook for production in India, with prices having the potential to rise further if the outlook diminishes further after adverse weather in the top producing state of Maharashtra.
* More than two dozen mills in Maharashtra had stopped cane crushing by the end of February, nearly two months earlier than last year, a senior state government official said.
COFFEE
* May arabica coffee KCc2 fell 0.3% to $1.8295 per lb.
* In the physical market dealers noted there had been a pick-up in demand for arabica from Honduras, with little coffee available from Colombia.
* Certified arabica stocks at the Intercontinental Exchange stood at 787,025 60kg bags on Mar. 1 after falling by more than 100,000 bags from a 7-1/2 month peak set on Feb. 8.
* May robusta coffee LRCc2 was unchanged at $2,177 a tonne, with supplies tightened by a drop in exports from top robusta producer Vietnam during the first two months of 2023.
(Reporting by Nigel Hunt Editing by David Goodman, Elaine Hardcastle)
(( 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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