Recasts, adds comments and closing prices
NEW YORK/LONDON, Nov 8 (Reuters) – Cocoa futures on ICE ended slightly higher on Monday, recovering from three-month lows hit earlier in the session due to heavy sales by speculators.
Raw sugar closed little changed after touching a one-month peak earlier.
COCOA
* March New York cocoa CCc2 settled up $32, or 1.3%, to $2,480 a tonne after touching its lowest since early August at $2,433. The contract fell 5.1% last week.
* March London cocoa LCCc2rose 1 pound, or 0.1%, to 1,673 pounds per tonne, having hit its lowest since late July at 1,653 pounds.
* Cocoa arrivals at ports in top grower Ivory Coast reached 330,000 tonnes between Oct. 1 and Oct. 31, up 9.8% from the same period last year, data showed.
* Ghana’s cocoa arrivals reached 10,951 tonnes between Oct.1 and Oct. 14, down from 14,168 tonnes in the same period of the previous season, data showed.
SUGAR
* March raw sugar SBc1 was little changed at 19.92 cents per lb after touching 20.10 cents, its highest in nearly a month. The contract gained 3.4% last week.
* Broker Marex Spectron said demand for sugar has returned, helped by the recent dip in prices and a reduction in freight rates.
* “That was the missing ingredient and now means the market should be able to rely on steady consumer buying, while producer selling is uncertain because (they) are naturally afraid of selling too early and too cheap,” the broker said.
* The Indian harvest is on the way as traders say that around 50 mills have started crushing, while the weather in Brazil continues positive for crop development.
* December white sugar LSUc1 rose $6.3 to $514.40 a tonne.
COFFEE
* January robusta coffee LRCc2settled down $15, or 0.7%, to $2,166 a tonne. The contract hit a 4-1/2 year high of $2,278 in late October.
* Dealers said top robusta producer Vietnam’s 2021/22 crop was expected to match the 2020/21 crop at a lower than previously expected 29 million 60 kg bags because many farmers failed to apply enough fertiliser owing to soaring prices.
* The country’s 2021/22 crop was previously expected to reach 31 million bags, they said.
* March arabica coffee KCc2fell 3.95 cents to $2.0245 per lb.
* Dealers said that ICE certified arabica stocks are at their lowest since April. KC-TOT-TOT
(Reporting by Marcelo Teixeira and Maytaal Angel Editing by Aditya Soni and David Goodman)
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