SOFTS-Cocoa recovers after hitting two-week low

  • Reuters
  • Commodities News
SOFTS-Cocoa recovers after hitting two-week low
Credit: © Reuters.

(Updates prices throughout)

NEW YORK/LONDON, Jan 29 (Reuters) - Cocoa futures settled higher on Friday after hitting a two-week low in the previous session, bolstered by stockpile data and stronger equities performance.

Raw sugar was higher in the session, while Arabica coffee traded lower.

COCOA

* March New York cocoa CCc1 ​​settled up $21, or 0.8%, to $2,531 a tonne, after hitting a two-week low on Thursday. The contract was little-changed in the week, and down 2.8% on the month.

* European warehouse cocoa stocks fell by 1.5% in the 2019/20 season, according to an International Cocoa Organization (ICCO) survey. Chocolate maker Mondelez MDLZ.O on Thursday beat Wall Street estimates for fourth-quarter revenue and earnings, boosted by higher demand for its snacks and Oreos. March London cocoa LCCc1 ​​settled up 7 pounds, or 0.4%, to 1,728 pounds per tonne​.

SUGAR

* March raw sugar SBc1 ​​settled up 0.24 cents, or 1.5%, at 15.83 cents per lb​​. The contract ended the month up 2.2%.

* Dealers said the market has lost upward momentum after climbing to the highest in more than 3-1/2 years earlier this month, but there remained solid support around 15.50 cents.

* "From a fundamental perspective there is probably limited reason for prices to slump, as much as the rally to 16.75 was difficult to justify," said a dealer.

* March white sugar LSUc1 ​​settled up $14.50, or 3.3%, at $456.10 a tonne.

COFFEE

* March arabica coffee KCc1 settled down 1.05 cents, or 0.8%, at $1.2295 per lb​​. The contract was down 4.3% on the month.

* A forecast for Honduran arabica exports this season has been cut by about 11%, national coffee institute IHCAFE said, citing damage from two recent hurricanes that helped spread a persistent fungus. "Coffee prices have picked up considerably, not least due to the prospect of the off-year in Brazil. New lockdown fears had pushed the price to a little over 100 cents (in) November, and arabica is currently trading at 126 cents," said Commerzbank (DE: CBKG ) in a note.

* March robusta coffee LRCc1 settled up $3, or 0.2%, at $1,306 a tonne.

* Vietnam's coffee exports in January are estimated to have dropped 17.6% from a year earlier to 120,000 tonnes, data showed.

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