London cocoa closes at 4-month high, coffee also climbs
Updates with settlement prices
NEW YORK, Nov 12 (Reuters) -London cocoa futures on ICE settled at afour-month high on Tuesday amid new worries over supply from top producer Ivory Coast, while coffee prices also climbed.
COCOA
* March London cocoa LCCc2 rose 5.6% to 6,056 pounds per metric ton, a four-month high.
* The cocoa sector regulator in Ivory Coast has reduced its sales of cocoa export contracts for the 2024/25 season by 40% in recent days due to worsening weather conditions, which have caused production concerns, two sources told Reuters.
* Since October, the regulator and exporters have been worried about floods affecting the development of flowers and small pods, and causing a fungal disease called brown rot.
* March New York cocoa CCc2 rose 6.5% to $7,641 a ton, the highest since Sept. 13.
COFFEE
* March arabica coffee KCc2 rose 2.8% to settle at $2.631 per lb.
* Dealers said despite favourable weather in top producer Brazil, fundamentals are taking a back seat, with investors pumping money into commodities following the U.S. election.
* January robusta coffee LRCc2 settled 1.4% higher at $4,537 a ton.
* Dealers said physical trading in top producer Vietnam remains limited as suppliers must make a 15% cash deposit as a performance guarantee to exporters.
SUGAR
* March raw sugar SBc1 settled about unchanged at 21.35 cents per lb, having hit a near two-month low of 21.12 on Monday.
* Sugar production in Brazil's key centre-south region totalled 1.785 million metric tons in the second half of October, industry group UNICA said on Tuesday, down 24.30% from a year earlier but surpassing market expectations.
* Sugar output had been expected to total 1.69 million metric tons in the period according to a S&P Global Commodity Insights survey.
* The German industry association on Tuesday said itexpects higher refined sugar production from beets in the new 2024/25 season than the previous season, but also highlighted concerns about spread of crop disease in the country.
* December white sugar LSUc1 fell 1.6% to $543 a ton, after hitting its lowest since Sept. 18 at 540.20 during the session.
Reporting by Maytaal Angel and Nigel Hunt, additional reporting by Shariq Khan; Editing by Shilpi Majumdar, Shounak Dasgupta and Mohammed Safi Shamsi
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