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Adds background, updates prices
LONDON, March 22 (Reuters) – New York cocoa futures on ICE rose to the highest level in more than two years on Wednesday, boosted by supply tightness, while white sugar climbed to a six-month peak.
COCOA
* May New York cocoa CCc1 rose 1% to $2,844 a tonne by 1234 GMT after peaking at $2,848 – the highest level for the front month since December 2020.
* Dealers said supplies remained tight, with May trading at a premium of about $36 to July CC-1=R.
* They noted speculators were re-establishing long positions after a recent bout of liquidation. The net long, as of March 14, had fallen to only 6,237 lots, down from 28,993 a couple of weeks earlier.
* May London cocoa LCCc1 was down 0.1% at 2,123 pounds per tonne, weakened by the strength of sterling.
SUGAR
* May white sugar LSUc1 rose 2% to $601.50 a tonne after setting a six-month high of $604.30.
* Dealers said the market continued to be buoyed by smaller than expected crops in India and Thailand while the focus will soon shift to the harvest in Centre-South Brazil, which is expected to begin soon and gather pace next month.
* May raw sugar SBc1 rose 1.7% to 21.16 cents per lb.
COFFEE
* May arabica coffee KCc1 fell 1.3% to $1.7790 per lb.
* Dealers said the market lacked a clear overall trend and was slipping back towards the middle of this month’s range.
* May robusta coffee LRCc2 was flat at $2,130 a tonne.
* Uganda’s coffee exports in February surged 6% year on year as higher prices pushed traders to release larger volumes of stocks from their warehouses, a state-run sector regulator said on Wednesday.
(Reporting by Nigel Hunt Editing by Jason Neely and 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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