London cocoa at two-week low

LONDON, Dec 23 (Reuters): London cocoa futures on ICE touched a two-week low on Tuesday, with recent rains seen as beneficial for crops in top grower Ivory Coast while a strengthening in the value of sterling added to downward pressure on prices.

COCOA

London cocoa was down 1.6 per cent at 4,199 pounds a metric ton by 1153 GMT after setting a two-week low of 4,153 pounds.

Recent unseasonably heavy rainfall in top grower Ivory Coast may have temporarily slowed port arrivals but could boost the size and quality of the October-to-March main crop, heightening the prospect of a global surplus this season.

The strength of sterling against the dollar has also pressured London prices this week.

New York cocoa fell 1.1 per cent to $5,824 a ton.

SUGAR

Raw sugar was up 0.4 per cent at 15.04 cents per lb.

Dealers said the market was in the midst of a short-term bounce as speculators scale back short positions, but the overall mood remained bearish, with the 2025/26 season expected to show a global supply surplus.

White sugar gained 0.5 per cent to $428.30 a ton.

Sugar production in Brazil's centre-south region is expected to reach 38 million tons in the 2026/27 season, agribusiness consultancy Safras & Mercado said on Monday, down 5 per cent from the previous season.

COFFEE

Robusta coffee rose 2.5 per cent to $3,863 a ton.

Dealers said recent weakness in prices had led to slower farm sales in top robusta producer Vietnam, helping to tighten supplies.

Indonesia's Senior Economic Minister Airlangga Hartarto, speaking after meeting US Trade Representative Jamieson Greer, said the United States had agreed to give Indonesian coffee a tariff exemption.

Arabica coffee gained 1.1 per cent to $3.5115 per lb.