Cocoa steadies at high levels amid supply squeeze, coffee falls

Reuters

Cocoa steadies at high levels amid supply squeeze, coffee falls

2024 7월 24, 오후 12:53 GMT

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LONDON, July 24 (Reuters) -Cocoa prices steadied for a second straight day on Wednesday but remained at historically high levels amid the ongoing supply squeezer, while coffee fell, edging further away from recent peaks.

COCOA

* September London cocoa LCCc1 slipped 0.6% to 6,764 pounds a metric ton at 1217 GMT, having settled down 0.5% on Tuesday following Monday's 8% surge.

* Dealers said selling from producing countries was keeping price gains in check, but added the supply squeeze is intact and there is uncertainty about the next season's crop.

* Nestle NESN.S may flag more price hikes on its chocolate products when the world's biggest food maker reports first-half earnings on Thursday.

* Cocoa demand has held up till date despite rising prices, but all eyes are on the fourth quarter when demand is expected to slide as chocolate price hikes ramp up.

* September New York cocoa CCc1 was little changed at $8,293 a ton, having slipped 1.3% on Tuesday, following Monday's 9.2% rally.

COFFEE

* September arabica coffee KCc1 fell 1.9% to $2.3290 per lb, having hit a two week low of $2.3250.

* Dealers cited ongoing concerns over small-sized coffee beans in top producer Brazil this season. However, the increase in ICE-certified arabica stocks KC-TOT-TOT and strong Brazil export flows are keeping prices in check.

* Consumer goods giants including Nestle, Mars Wrigley and Ferrero have backed the European Union's upcoming ban on importing goods linked to deforestation like coffee and cocoa.

* September robusta coffee LRCc2 fell 2.2% to $4,383 a ton, having hit a two-week low of $4,375.

* Dealers said the weather in top producer Vietnam has greatly improved this month - a positive sign for the development of next season's crop.

SUGAR

* October raw sugar SBc1 edged up 0.3% to $18.19 per lb, having hit a seven-week low of 18.08 on Tuesday.

* There are improved crop prospects for sugar in the Northern Hemisphere amid favourable monsoon rains, but there are concerns about yields and about the amount of cane allocated to sugar production in top producer Brazil.

* October white sugar LSUc1 rose 0.7% to $528.80 a ton.

Reporting by Maytaal Angel; Editing by Sonia Cheema

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Cocoa steadies at high levels amid supply squeeze, coffee falls

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