Coffee rallies, heads back towards multi-year highs
Recasts, adds fresh comment
LONDON, Sept 17 (Reuters) - Coffee futures on ICE rallied on Tuesday, heading back towards the fresh multi-year peaks scaled in the prior session, while cocoa futures slid.
COFFEE
* December arabica coffee KCc2 rose 2.8% to $2.6565 per lb at 1459 GMT, having touchedits highest since 2011 at $2.7180 on Monday.
* Citi said it now sees a smaller 2-3 million bag surplus in the 2024/25 season, as recent data suggest key producers like Brazil are unable to meet previous production targets.
* "Brazilian drought has impacted much of this season's crop, (and) near-term rainfall is necessary to salvage the slight surplus," it said.
* LSEG analysts expect dryness to continue across central and central-south Brazil until the end of September.
* November robusta coffee LRCc2 rose1.8% to $5,340 a metric ton, having peaked at $5,486 on Monday, its highest in nearly half a decade.
* Dealers said local Brazilian robusta prices are rising each day, trading at levels close to fine cup arabicas as traders and exporters struggle to secure supply.
COCOA
* December New York cocoa CCc1 fell 1.7% to $7,635 a ton.
* The global cocoa market is in its third year of deficit, while the global cocoa stocks-to-grinding ratio has dropped to its lowest in almost 50 years. However, production could recover next season and this is keeping cocoa's gains in check.
* "We believe historically high terminal prices are still needed to ration consumption and ensure balances shift into surplus in 2024/25 and 2025/26," said Citi.
* It added that while the physical market remains tight, the collapse in cocoa butter prices and the switch to less chocolate-intensive products amongst confectioners seems likely to continue over the next 6-12 months.
* March London cocoa LCCc2 fell 2% to 4,588 a metric ton.
SUGAR
* October raw sugar SBc1 rose 3.4% to 19.82 cents per lb.
* Raging fires have burned 10% of Brazilian sugar cane fields belonging to French cooperative Tereos, a senior executive said.
* Germany's Suedzucker SZUG.DE has cut its earnings forecast, pointing to the improved harvest expectations in the European Union.
* Citi said it remains bullish on sugar as it does not believe current prices have adequately accounted for the risk of persistent dry weather in Brazil and other disruptions.
* October white sugar LSUc1 rose 2.2% to $534.10 a ton.
Reporting by Maytaal Angel; Editing by Janane Venkatraman and Tasim Zahid
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