Cocoa prices steady

FE Team | Published: July 25, 2024 20:07:01

Cocoa prices steady

LONDON, July 18 (Reuters): Cocoa prices steadied on Thursday after figures on second-quarter demand in Asia came in as expected.
Coffee prices also steadied near recent highs.
September London cocoa edged up 0.2% to $6,330 a metric ton by 1035 GMT, having settled 3.1% down on Wednesday and 7.4% on Tuesday.
Asia's cocoa grind, a measure of demand, fell 1.4% year on year to 210,968 tons in the second quarter, a figure that was as expected, said Steve Wateridge, head of research at Tropical Research Services.
The market is now awaiting second-quarter grind data from North America later in the session for further indications of the extent to which high prices have curtailed demand.
The cocoa market also remains hopeful that improved weather in top grower Ivory Coast will boost next season's crop.
September New York cocoa fell 0.4% to $7,731 a ton, having closed 1% down on Wednesday after an 8.7% fall on Tuesday.
COFFEE
September robusta coffee slipped 0.2% to $4,561 a ton, having set a record high of $4,681 last week.
Trading activity in top robusta producer Vietnam remained sluggish this week, with traders expressing doubt that prices could rise above current lofty levels given a lack of buying interest.
September arabica coffee was little changed at $2.4330 per lb, having hit a 2-1/2 year high of $2.5530 last week.