Cocoa hits fresh 7-1/2-month peak, heads towards record high
LONDON, Dec 16 (Reuters) - Cocoa prices hit new 7-1/2-month peaks on Monday, having clocked five consecutive weekly gains last week as dealers remain concerned over supply, especially given talk of payment delays in the physical market.
Arabicacoffee rallied but remained some way off last week's record peak.
COCOA
* New York cocoa futures on ICE CCc1 was up 2.4% at $11,570 a metric ton at 1053 GMT.
* The contract is nearing April's record peak of $12,261.
*Dealers said the market continues to ignore bearish news like the cocoa port arrivals in top producer Ivory Coast, which are up some 33% versus last season.
* Moreover, Broker StoneX said there are "massive liquidity crunches in the physical markets", with payments delayed and very few new purchase deals agreed.
* London cocoa LCCc1 rose 2.4% to 9,138 pounds a ton.
COFFEE
* Arabica coffee futures on ICE KCc2 were up 1.9% at $3.2520 per lb, well short of the $3.4835 record hit on Tuesday.
* The contract fell 3.2% last week.
* Top producer Brazil's 2024/25 coffee sales have reached 79% of the expected output versus 69% a year ago, indicating farmers are well financed, dealers said, and might not be in a hurry to sell.
* Overall, though, dealers say the market is reassessing worries about Brazil's crop outlook, which, albeit diminished due to this year's drought, might not be as poor as previously feared.
* Robusta coffee LRCc2 rose 0.4% to $5,204 a ton.
* Unseasonable rains have returned to top robusta producer Vietnam, which could further disrupt the delayed harvest.
SUGAR
* Raw sugar SBc1 slipped 0.4% to 20.63 cents per lb, having hit anear 3-month low of 20.57 on Friday.
* The contract lost 5% in the week.
* Top producer Brazil's sugar production late in November surprised to the upside.
* March white sugar LSUc1 rose 0.5% to $530.80 a ton, having lost 5.8% last week.
Reporting by Maytaal Angel, editing by Ed Osmond
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