London cocoa hits two-week high

FE Team | Published: October 31, 2024 21:39:47

LONDON, Oct 31 (Reuters): London cocoa futures hit a two-week high on Thursday, boosted partly by financial problems in second-biggest grower Ghana, while raw sugar prices also climbed.
COCOA
March London cocoa was up 0.6 per cent at 5,416 pounds a metric ton by 1316 GMT after touching a two-week high of 5,448 pounds.
Dealers said financial problems continued to disrupt the purchasing of cocoa from farmers in Ghana.
Cocoa growers in Ghana filed a complaint with state regulator Cocobod on Thursday listing key environmental and social issues, including a demand for a "living income" for farmers.
The processing sector in both Ivory Coast and Ghana also continued to struggle with declining grinds.
Ivory Coast's cocoa grind fell 14.2 per cent year on year in September to 54,984 metric tons, data from exporter association GEPEX showed on Thursday.
December New York cocoa rose by a marginal 0.01 per cent to $7,392 a ton.
COFFEE
January robusta coffee fell 0.25 per cent to $4,442 a ton, losing some of the previous session's gains.
Dealers said they were keeping a close watch on whether Tropical Storm Trami had any impact on the robusta harvest in Vietnam, which should start to gather pace next month.
The storm, which made landfall in Vietnam on Sunday, brought heavy rains in the country's coffee-growing area.
"There was concern that rains may disrupt harvesting activities, but farmers have just harvested around 5 per cent of the crop so the impact is minor," said a trader based in the coffee belt.
December arabica coffee lost 0.9 per cent to $2.4745 per l.0b.