SOFTS-NY cocoa hits all-time high, robusta coffee steadies after 16-year peak

Credit: REUTERS/Luc Gnago

Adds comments on cocoa, includes closing prices

LONDON, March 11 (Reuters) - New York cocoa prices on ICE gained more than 5% on Monday to record highs as the market remains underpinned by an outlook of limited supplies.

Robusta coffee futures steadied after hitting their highest in at least 16 years last week.


* May New York cocoa CCc2 ​settled up $332, or 5.2%, at $6,728 a metric ton. The contract rose to an all-time high of $6,779/ton during the session.

* May London cocoa LCCc2 rose 5.4% to 5,516 pounds per ton, short of a record high of 5,620 pounds set last week.

* Dealers said cocoa futures remain supported by tight supplies in the main producing region of West Africa.

* Cocoa arrivals at ports in top grower Ivory Coast since the start of the season on Oct. 1 had reached 1.114 million metric tons by March 10, down 28.1% from the same period last season, exporters estimated on Monday.


* May robusta coffee LRCc2 settled down $18, or 0.5%, at $3,279 a ton, having hit a peak of $3,460 last week — the highest since the current form of the contract started trading in January 2008.

* Dealers in Vietnam noted a significant decline in visible stocks and said this early destocking is another sign the 2023/24 crop is not bigger than 2022/23 — perhaps slightly smaller.

* They added the stocks' decline so early in the season - with six months to go to 2024/25 - shows the current crop has been heavily front-loaded due to strong demand.

* February coffee exports in Vietnam fell 32.6% month-on-month to 160,584 tons, data showed.

* Robusta coffee speculators raised their net long position by 2,730 lots to 41,241 lots as of March 5, data showed.

* May arabica coffee KCc2 was little changed at $1.85 per lb.


* May raw sugar SBc1 ​​rose 3.8% to 21.95 cents per lb.

* Dealers said sugar has been supported by the prospect of a smaller cane crop in top producer Brazil in the upcoming 2024/25 season.

* May white sugar LSUc1 rose 3.3% to $617.10 a ton.

(Reporting by Maytaal Angel and Marcelo Teixeira; Editing by Shilpi Majumdar, Barbara Lewis and Shweta Agarwal)

((; +1 332 220 8062; Reuters Messaging: -

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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