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SOFTS-London cocoa consolidates, coffee and raw sugar edge up

Credit: REUTERS/PETER NICHOLLS

London cocoa on ICE Futures Europe consolidated just above the prior session's 7-week low on Friday with a generally favourable crop outlook in top grower Ivory Coast helping to keep the market on the defensive.

Adds comment, updates prices

LONDON, Oct 22 (Reuters) - London cocoa on ICE Futures Europe consolidated just above the prior session's 7-week low on Friday with a generally favourable crop outlook in top grower Ivory Coast helping to keep the market on the defensive.

COCOA

* March London cocoa LCCc2 was unchanged at 1,772 pounds a tonne by 1414 GMT, after hitting a 7-week low of 1,755 pounds on Thursday.

* Dealers noted recent dry, sunny weather had improved the outlook for production in Ivory Coast.

* They noted, however, that demand has rebounded after falling during the COVID-19 pandemic and much could depend on whether the recovery will be sustained.

* "Global demand has continued to recover strongly and we therefore expect that the price will hold steady for the rest of 2021 before rising in 2022 and beyond," Fitch Solutions said in a note on Friday.

* December New York cocoa CCc1 rose 0.8% to $2,576 a tonne.

COFFEE

* December arabica coffee KCc1 rose 0.5% to $2.0425 per lb.

* Dealers said the market was supported by the disruption to the flow of coffee out of Brazil, driven partly by high freight costs and a shortage of available container shipping capacity, which had contributed to a drawdown in exchange stocks.

* ICE certified arabica coffee stocks stood at 1.91 million bags, as of Oct. 21, down from 2.16 million a month earlier.

* January robusta coffee LRCc2 was up 1.6% at $2,169 a tonne.

SUGAR

* March raw sugar SBc1 rose 0.6% to 19.05 cents per lb, edging away from a three-week low of 18.82 cents set earlier this week.

* Dealers said the recent strength of energy prices was providing some support, potentially leading to more use of cane to produce biofuel ethanol in Brazil rather than sugar.

* December white sugar LSUc1 fell 0.3% to $499.30 a tonne.

(Reporting by Nigel Hunt; Editing by Vinay Dwivedi and Louise Heavens)

((nigel.hunt@thomsonreuters.com; +44 (0) 7990 561421; Reuters Messaging: nigel.hunt.thomsonreuters.com@reuters.net ))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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