Cocoa declines on strong production data

FE Team | Published: October 10, 2024 23:52:33

LONDON, Oct 10 (Reuters): Cocoa futures on ICE fell on Thursday after strong production data from Ghana, the world's second-largest grower, while coffee steadied near recent lows as rains arrived in Brazil.
March London cocoa lost 1.1 per cent to 4,752 pounds per metric ton by 1243 GMT.
Ghana's graded and sealed cocoa arrivals since the season started on Sept. 11 stood at 13,000 metric tons by Sept. 19, up about 700 per cent from the same period last season, figures from marketing board showed.
Dealers said the percentage change figures were inflated by the early season start in Ghana this year but added that the current crop is looks good.
In top grower Ivory Coast, by contrast, damage inflicted by heavy rains on roads is hampering the harvest, drying and transportation of cocoa beans to ports.
December New York cocoa fell 2.1 per cent to $7,198 a ton, having closed 4.3 per cent up from Wednesday.
COFFEE
November robusta coffee rose 0.9 per cent to $4,908 a ton after hitting a 1-1/2 month low on Wednesday.
No. 3 robusta exporter Brazil's September shipments of the bean rose 40.9 per cent year on year, exporter group Cecafe said.
Local robusta prices in top grower Vietnam fell this week amid continuing concern over La Nina and a proposed delay in implementation of the EU's anti-deforestation law.
Long-awaited rains arrived in Brazil's coffee-growing areas, as expected.
December arabica coffee rose 0.9 per cent to $2.5225 per lb, having gained 0.7 per cent on Wednesday.
Brazil's exports of arabica coffee increased nearly 32 per cent year on year in September, Cecafe said.
SUGAR
March raw sugar edged up 0.3 per cent to 22.10 cents per lb after hitting a three-week low on Wednesday.
Sugar production in Brazil's Centre-South region is expected to have totalled 2.86 million tons in the second half of September, a 15.3 per cent decrease year on year, an S&P Global Commodity Insights survey showed.
A team of experts advising Indonesia's president-elect are reviewing a scheme to impose levies on sugar imports to help to finance the country's bioethanol programme.
December white sugar rose 0.1 per cent to $564.50 a ton.