New York cocoa posts 15% weekly loss, coffee also down

Reuters

New York cocoa posts 15% weekly loss, coffee also down

6:34 chiều giờ GMT, 4 Tháng 10 2024

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Adds comments, weekly price moves

NEW YORK, Oct 4 (Reuters) -New York cocoa futures lost 15% in the week amid signs of a recovery in production that would shift the global supply balance to a surplus for the first time in four years.

Coffee also posted weekly losses, despite a recovery on Friday.

COCOA

* March London cocoa LCCc2 settled up 71 pounds, or 1.6%, to 4,511 pounds per metric ton, edging further away from an eight-month low of 4,296 pounds set earlier this week. The contract lost 5% in the week.

* December New York cocoa CCc1 rose 0.6% to $7,069 a ton, having lost 15% in the week.

* Dealers said favourable crop weather in top growers Ivory Coast and Ghana had helped to put the market on the defensive.

* Broker StoneX projected in a report on Thursday that the global cocoa market will have a supply surplus in 2024/25, which would be the first in four years.

COFFEE

* December arabica coffee KCc1 settled up 5.3 cents, or 2.1%, at $2.5735 per lb. It lost 4.3% in the week.

* Dealers said forecasts for rains in Brazil had led to a pullback in prices this week but there remain concerns that a prolonged spell of dry weather had dented the outlook for next year's crop in the world's top producer.

* They also noted that price charts continued to indicate an overall upward trend in prices.

* "Near-term momentum is on the downside; however, we see little appetite for prices to break out of the longer-term trend on the upside. Therefore, we expect the downward trend to reverse in the coming days," broker Sucden Financial said.

* Brazil exported 4.05 million bags of green coffee in September, 36% more year on year.

* November robusta coffee LRCc1 rose 3% to $5,067 a ton. The contract, however, posted a weekly loss of 8%.

SUGAR

* March raw sugar SBc1 settled down 0.23 cents, or 1%, at 23.01 cents per lb. It gained 0.9% in the week.

* A rise in sugar prices in September helped to fuel the biggest gain in 18 months in the United Nations' world food price index, data issued on Friday showed.

* Brazil exported 3.95 million tons of sugar in September, 23% more year on year.

* December white sugar LSUc1 fell 1.2% at $576.90 a ton.

Reporting by Nigel Hunt and Marcelo Teixeira; Editing by Krishna Chandra Eluri, Louise Heavens and Alan Barona

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