Cocoa steadies after sharp slide; coffee, sugar off recent peaks
LONDON, Oct 1 (Reuters) -Cocoa futures on ICE steadied on Tuesday following sharp falls in the prior session, while coffee and sugar remained some way off their recent peaks amid forecasts for rains in Brazil.
SUGAR
* March raw sugar SBc1 edged up 0.3% to 22.52 cents per lb by 1214 GMT, but was still some way off last week's 7-month peak.
* India is likely to receive above average rainfall in October after unseasonally high volumes for the past three months.
* The European Commission forecast sugar production in the European Union will rise 6.4% in the 2024/25 season.
* Forecaster Climatempo expects much needed rains will fall over top producer Brazil's center-south sugar producing region from Oct. 7.
* December white sugar LSUc1 fell 0.5% to $574.40 a metric ton.
COFFEE
* December arabica coffee KCc1 fell 0.7% to $2.6840 per lb, having hit a 13-year high last week.
* Dealers said much needed rains are finally in sight for top coffee producer Brazil, but farmers are disciplined and in no rush to sell.
* November robusta coffee LRCc1 slipped 0.2% to $5,489 a ton.
* Dealers said differentials are dropping in top producer Vietnam but despite this, buyers have shown little interest in the new crop because prices remain elevated overall.
COCOA
* December New York cocoa CCc1 edged up 0.5% to 7,769 a ton, having settled 6.8% lower in the previous session in thin, volatile trade.
* Favourable weather in top growers Ivory Coast and Ghana is improving the main crop outlook and helping keep a lid on cocoa futures.
* Top cocoa producer Ivory Coast has raised the fixed farmgate price paid to cocoa farmers by 20% to 1,800 CFA francs ($3.09) per kg for the 2024/25 main crop.
* Rising cocoa prices have led to increased thefts of the commodity in farms in Cameroon, forcing farmers to turn to machete-armed vigilantes to stop thieves.
* The volume of cocoa in Ivory Coast and Ghana that can be fully traced did not increase last year, a major UN-backed report has found, raising questions about how the two will comply with a new EU anti-deforestation law.
* March London cocoa LCCc2 rose 1.9% to 4,642 a ton, having settled 4.1% higher in the prior session.
Reporting by Maytaal Angel; Editing by Kirsten Donovan
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