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Updates with settlement prices
LONDON, March 24 (Reuters) – New York cocoa futures on ICE consolidated just below the previous session’s more than two-year high on Friday, while raw sugar prices eased.
COCOA
* May New York cocoa CCc1 settled up $16, or 0.6%, to $2,884 a tonne after peaking on Thursday at $2,888, the highest level for the front month since December 2020.
* Dealers said the market looked set to consolidate in the short-term after the recent strong advance, with the May contract rising almost $300 in a little more than a week.
* The market remained underpinned, however, by tight supplies in top grower Ivory Coast, where port arrivals have been running behind last year’s pace.
* “It is worth mentioning that the curb in the arrivals in Cote d’Ivoire was partly triggered by the detrimental effects of cocoa-related diseases like the cocoa swollen shoot virus disease,” the International Cocoa Organization said in a monthly update on Friday.
* May London cocoa LCCc1 settled up 16 pounds, or 0.8%, to 2,136 pounds per tonne.
* Hershey is looking to reduce “trace” amounts of lead and cadmium after consumer reports found that some dark chocolate bars had potentially harmful levels of the heavy metals.
SUGAR
* May raw sugar SBc1 settled down 0.07 cent, or 0.3%, at 20.82 cents per lb.
* Dealers said funds were easing back from a large net long position while lower energy prices also contributed to the market’s decline.
* May white sugar LSUc1 settled down $0.20 at $597.60 a tonne.
* Brazil’s center-south crushed 608,000 tonnes of sugarcane in the first half of March, industry group Unica said on Friday, adding sugar output totalled just 16,000 tonnes.
COFFEE
* May arabica coffee KCc1 settled up 4.95 cents, or 2.8%, at $1.7925 per lb.
* Dealers said the market remained choppy but lacked a clear overall trend with prices now around the middle of this month’s trading range.
* May robusta coffee LRCc2 settled up $65, or 3.1%, at $2,189 a tonne.
(Reporting by Shariq Khan and Nigel Hunt; Editing by David Goodman, Elaine Hardcastle 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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