NY cocoa buoyed by tight supplies while sugar rebounds
LONDON, Aug 23 (Reuters) -New York cocoa futures rose on Friday, climbing back towards a one-month high set on Wednesday, while raw sugar prices rebounded from lows hit earlier this week.
COCOA
* December New York cocoa CCc2 rose 0.7% to $7,804 a metric ton by 1127 GMT, climbing back towards Wednesday's one-month high of $7,915.
* Dealers said expectations that crops in West Africa would rebound significantly in the 2024/25 season had faded slightly, with Ghana's Cocobod this week cutting its forecast for the coming crop because of a lack of rain.
* They noted that the market was supported by supply tightness owing to a record global deficit in the current 2023/24 season (October/September), which the International Cocoa Organization (ICCO) last estimated at 439,000 tons.
* "The ICCO will publish new forecasts at the end of next week. Due to the robust grinding figures for the second quarter, the supply deficit could even be slightly larger," Commerzbank said in a note on Friday.
* A Reuters poll of analysts and traders this month had a median forecast for a deficit of 475,000 tons.
* December London cocoa LCCc2 rose 1.4% to 5,545 pounds a ton.
SUGAR
* October raw sugar SBc1 rose 2.2% to 18.24 cents per lb.
* Dealers said the recovery from the almost two-year low of 17.52 cents - hit on both Tuesday and Wednesday - was largely technically driven and that supportive fundamentals were needed to sustain the rebound.
* They were keeping a close watch on the potential for a pick-up in Chinese buying after the recent fall in prices.
* October white sugar LSUc1 rose 2% to $522.20 a ton.
COFFEE
* November robusta coffee LRCc2 was up 0.04% at $4,576 a ton, with the market consolidating just below a $4,658 one-month high set this week.
* Dealers said the market was underpinned by the slow pace of exports from Vietnam.
* December arabica coffee KCc2 lost 0.2% to $2.4235 per lb.
Reporting by Nigel Hunt
Editing by David Goodman
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