SOFTS-London cocoa prices ease while sugar and coffee climb
LONDON, Sept 1 (Reuters) – London cocoa futures on ICE were down slightly on Friday as the market consolidated just below a recent 46-year high, while sugar and coffee prices edged higher
COCOA
* December London cocoa LCCc2 fell 0.3% to 2,942 pounds ($3,731.63) a metric ton by 1333 GMT, slipping back from the previous session’s 46-year high of 2,977 pounds.
* Dealers said the market remained underpinned by supply concerns, with a third consecutive global deficit expected in the 2023/24 season starting on Oct. 1.
* The weather has improved in recent weeks in West Africa, including Nigeria, Ghana and Ivory Coast, but crop development remains poor owing to factors including swollen-shoot disease and a fertiliser shortage, ING said on Friday.
* Dealers noted, however, that weaker than expected global grindings could help to keep a lid on prices.
* The International Cocoa Organization (ICCO) on Friday reduced its global deficit forecast for the current 2022/23, driven by a downward revision to grindings.
* The post-pandemic recovery in grindings seems to be losing steam, especially in Europe, North America and Southeast Asia, the ICCO said in a quarterly update.
* December New York cocoa CCc2rose 0.2% to $3,644 a metric ton supported by a weaker dollar.
SUGAR
* October white sugar LSUc1 was up 0.7% at $720.50 a metric ton, edging up towards a 12-year high of $740.20 set earlier this week.
* The market remained underpinned by concern over crops in India and Thailand as dry weather threatens to curb output.
* October raw sugar SBc1 rose 1.3% to 25.38 cents per lb.
COFFEE
* November robusta coffee LRCc2 gained 0.6% to $2,504 a metric ton.
* December arabica coffee KCc2 edged up by 0.06% to $1.5460 per lb.
($1 = 0.7884 pounds)
(Reporting by Nigel Hunt; Editing by David Goodman and Mike Harrison)
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