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LONDON, Feb 22 (Reuters) – New York cocoa futures on ICE were higher on Wednesday as the market continued to focus on supply problems in top grower Ivory Coast while coffee and sugar prices also rose.
COCOA
* May New York cocoa CCc2 rose 0.3% to $2,791 a tonne by 1247 GMT, consolidating just below the prior session’s one-year high of $2,812.
* Dealers said the market had lost some momentum after last week’s steep rise as traders seek more clarity about the supply situation in West Africa.
* Ivory Coast’s Cocoa and Coffee Council (CCC) said earlier this week that Ivorian cocoa exporters would still be able to honour their contracts despite a slowdown in port arrivals.
* The CCC was responding to reports that cocoa exporters in the world’s top-producing nation were close to defaulting on their contracts due to a lack of beans from the main harvest.
* May London cocoa LCCc2 rose 0.2% to 2,122 pounds a tonne.
COFFEE
* May arabica coffee KCc2 rose 0.8% to $1.9135 per lb, climbing back up towards the prior session’s four-month high of $1.9295.
* Dealers said prices had been supported by rising prices in the physical market in Brazil and Colombia.
* May robusta coffee LRCc2 was up 1.1% at $2,157 a tonne.
SUGAR
* March raw sugar SBc1 rose 0.3% to 21.40 cents per lb.
* Dealers said the market was supported by expectations that production in India could decline significantly over the next few months following adverse weather.
* May white sugar LSUc1 rose 0.1% to $569.30 a tonne.
(Reporting by Nigel Hunt; Editing by Emelia Sithole-Matarise)
(( 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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