Cocoa prices climb, robusta hits two-month low
LONDON, Oct 21 (Reuters) -London cocoa futures rose on Monday as a partial recovery in production in West Africa was seen as being potentially insufficient to prevent another global deficit, while robusta coffee prices sank to a two-month low.
COCOA
* March London cocoa LCCc2 rose 0.6% to 5,050 pounds a metric ton by 1144 GMT, edging back up towards last week's one-month high of 5,481 pounds.
* Analyst BMI in a note forecast there would be another global deficit in the current 2024/25 season (October/September), although a much smaller one of 0.03 million tons compared with a shortfall of 0.44 million tons in 2023/24.
* "The dissipation of El Niño coupled with the expected transition to La Niña lead us to forecast a recovery in cocoa production (in West Africa) albeit not a full one," the report said.
* Ghana's output was seen at 590,000 tons, up from 450,000 in 2023/24 but below the 654,000 produced in 2022/23, BMI said.
* Low exchange stocks have also supported prices.
* Total valid stocks on the London cocoa contract totalled 29,010 tons as of Oct. 18, down from 149,520 a year ago.
* December New York cocoa CCc1 rose 0.5% to $7,487 a ton.
* Cocoa arrivals at ports in top grower Ivory Coast had reached 193,000 tons by Oct. 20 from the start of the season on Oct. 1, up 13.5% from the same period of last season, exporters estimated on Monday.
COFFEE
* November robusta coffee LRCc1 was down 3% at $4,559 a ton, after hitting a two-month low of $4,525.
* Dealers noted speculators had been scaling back a net long position ahead of the harvest in top robusta producer Vietnam which should gather pace next month.
* December arabica coffee KCc1 fell 3.1% to $2.4925 per lb.
SUGAR
* March raw sugar SBc1 slipped by 0.1% to 22.16 cents per lb.
* Global demand for raw sugar might be weakening after strong volumes so far this year, said broker and supply chain services provider Czarnikow in a report on Friday.
* December white sugar LSUc1 rose 0.3% to $568.10 a ton.
Reporting by Nigel Hunt; Editing by Varun H K
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