London cocoa hits four-month high, arabica also climbs
Updates prices
LONDON, Nov 15 (Reuters) -London cocoa futures climbed to a four-month high on Friday, buoyed by unfavourable crop weather in West Africa, while arabica coffee prices rose back up towards the prior session's 13-year high.
COCOA
* March London cocoa LCCc2 was up 1.4% at 6,866 pounds a metric ton by 1449 GMT, after setting a four-month high of 6,999 pounds. The contract was on track for a weekly gain of 22.7%.
* "Unfavourable weather conditions in West Africa, including below average rainfall and above-average temperatures in areas of Ghana and Nigeria, have underpinned recent bullish price action," analyst BMI said in a note.
* Ivory Coast's cocoa regulator, the Coffee and Cocoa Council (CCC), 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 CCC sources told Reuters earlier this week.
* March New York cocoa CCc2 rose by 1.4% to $8,626 a ton, after peaking at $8,783, the highest level since June 24.
COFFEE
* March arabica coffee KCc2 rose by 1.4% to $2.8335 per lb, climbing back up towards the prior session's 13-year high of $2.8495.
* Dealers said the next year's crop in Brazil appeared to have lost some potential following dry weather earlier this year with soil moisture still low despite recent rains.
* They also noted bullish indicators on price charts.
* "The positive (technical) indicators confirm that we could see prices strengthen further in the near term, although the upside appetite is likely to slow," broker Sucden Financial said in a note.
* January robusta coffee LRCc2 rose by 0.8% to $4,818 a ton.
SUGAR
* March raw sugar SBc1 rose by 0.5% to 21.67 cents per lb.
* December white sugar LSUc1 fell by 1% to $540 a ton.
Reporting by Nigel Hunt; Editing by Tasim Zahid
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