(.)
By Nigel Hunt and Jessica Resnick-Ault
NEW YORK/LONDON, Nov 5 (Reuters) – New York cocoa futures on
ICE fell to a three-month low on Friday as a favourable crop
outlook in West Africa weighed on prices while coffee prices
were also weaker.
COCOA
* March New York cocoa settled down $34, or
1.4%, to $2,448 a tonne, after touching a three-month low of
$2,445. The contract fell 5.1% on the week.
* Dealers said the prospect of a large crop in top producer
Ivory Coast weighed on prices, as did signs that weak processing
margins could be stalling a recent revival in grindings after a
pandemic-related slump.
* “Cocoa prices have continued to fall as a result of an
improved supply outlook in West Africa and a stunted grinding
rebound in Asia,” Fitch Solutions said in a note.
* March London cocoa settled down 10 pounds, or
0.6%, to 1,672 pounds per tonne.
COFFEE
* January robusta coffee settled down $23, or 1.0%,
at $2,181 a tonne. Down 1.5% on the week.
* Dealers said the market had lost some ground after hitting
a 4-1/2 year high of $2,278 last week although it remained
underpinned by concerns about the harvest in top robusta
producer Vietnam.
* They added that the COVID-19 pandemic had led to a Vietnam
labour shortage that was threatening to disrupt the harvest.
* The International Coffee Organization said in a report on
Friday that the pandemic was continuing to disrupt trade flows
in many countries.
* The ICO also noted world coffee consumption was resuming
the steady growth seen before the COVID-19 pandemic.
* December arabica coffee was little changed at
$2.086 per lb.
SUGAR
* March raw sugar settled up 0.31 cents, or 1.6%,
at 19.94 cents per lb. The contract rose 3.4% on the week.
* Dealers said the market derived support from gains in
crude oil. Cane can be used to produce either biofuel ethanol or
sugar in some countries, so high energy prices can curb output
of the sweetener. [O/R]
* December white sugar settled up $0.90, or 0.2%,
at $507.70 a tonne.
(Reporting by Nigel Hunt; Additional reporting by Jessica
Resnick-Ault; Editing by David Goodman, Louise Heavens and
Daniel Wallis)
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