Cocoa hits over five-month high, coffee steadies

LONDON, Dec 5 (Reuters): New York cocoa hit its highest in 5-1/2 months on Thursday with industry taking any price dip as a buying opportunity as the market remains doubtful there will be enough of a supply recovery this year.
COCOA
New York cocoa rose 4 per cent to $9,770 a metric ton at 1215 GMT, after scaling its highest since mid-June at $9,792.
Dealers said chocolate makers and processors have opted to buy following Tuesday's price weakness, noting that while Ivory Coast arrivals are up 34 per cent this season, they are down around 15 per cent versus a 'normal' year like 2022.
Cocoa stocks on the ICE exchange have also started since early October, with dealers citing recent arrivals from Ecuador.
London cocoa futures on ICE rose 2.5 per cent to 7,763 pounds per ton.
COFFEE
Arabica coffee futures KCc2 rose 1.3 per cent to $3.0755 per lb, as the market continues to stabilise after plunging by 7 per cent on Monday and Tuesday. Arabica scaled its highest price since 1977 on Friday.
Dealers said the market remains concerned about the crop outlook from Brazil, and nervous about the fall-out from traders Atlantica and Cafebras' last week moving to file for court-supervised debt restructuring.
Robusta coffee rose 1.7 per cent to $4,831 a metric ton, having lost around 15 per cent on Monday and Tuesday.