NY cocoa buoyed by tight supplies while sugar rebounds
Adds comment, updates prices
LONDON, Aug 23 (Reuters) -New York cocoa futures were slightly higheron Friday, edging back up 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 0.3% to $7,775a metric ton by 1333GMT after settinga one-month high of $7,915 on Wednesday.
* 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 0.05% to 5,472pounds a ton.
SUGAR
* October raw sugar SBc1 rose 1.9% to 18.19cents 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 1.9% to $521.60 a ton.
COFFEE
* November robusta coffee LRCc2 was unchanged at $4,574a ton, with the market hoveringjust below a $4,658 one-month high set this week.
* Analyst BMI said in a note that Vietnamese exports had fallen due to tight supplies in the world's largest robusta producer while the prospects for the next harvest had been dented by below-average rainfall.
* December arabica coffee KCc2 rose 0.1% to $2.4315per lb.
Reporting by Nigel Hunt; Editing by David Goodman and Ana Nicolaci da Costa
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