Cocoa futures rebound sharply, raw sugar little changed
Adds comments and closing prices
LONDON, Sept 5 (Reuters) - London and New York cocoa futures closed sharply higher on Thursday, rebounding from the prior session's steep losses in a very volatile market, while raw sugar prices were little changed.
COCOA
* December London cocoa LCCc2 settled up 262 pounds, or 5.3%, to 5,250 pounds per metric ton, regaining ground after hitting a 6-1/2 month low of 4,975 pounds on Wednesday.
* Dealers said the market remained underpinned by short-term supply tightness with a large global deficit in the current 2023/24 season.
* A potential rise in production in the upcoming 2024/25 season, however, has helped to recently rein in prices.
* A dealer said there is expected to be ample supply in the first three months of the 2024/25 crop and this is weighing on prices, even though there is still much uncertainty over how the 2025 crop will turn out overall.
* December New York cocoa CCc2 rose 4%, to $7,159 a ton.
SUGAR
* October raw sugar SBc1 was little changed at 19.22 cents per lb.
* Dealers noted the market continued to derive support from diminished production prospects in Brazil linked to recent fires and continued hot, dry weather.
* Citi Commodities team said in a note it maintains its positive view on sugar prices, expecting it to reach 20 cents/lb in coming months.
* The bank said it does not expect India to return to the sugar export market, which will be "overly dependent on Centre-South Brazil, so any crop downgrade or logistical disruption could lead to tightening in trade flows and a spike in sugar prices."
* October white sugar LSUc1 fell 0.4% at $536.80 a ton.
COFFEE
* November robusta coffee LRCc2 was little changed at $4,911 a ton as the market consolidated below last week's peak of $5,180, which was the highest level in at least 16 years.
* Dealers said the physical market in top robusta producer Vietnam remained subdued with both buyers and sellers set to remain largely on the sidelines until the next harvest begins to gather pace in November.
* December arabica coffee KCc2 rose 0.2% at $2.442 per lb.
($1 = 0.7601 pounds)
Reporting by Nigel Hunt, Maytaal Angel and Marcelo Teixeira; Editing by Sharon Singleton and Mohammed Safi Shamsi
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