LONDON, November 11 (Reuters) – Cocoa futures in New York fell from a six-month high on Friday, with the recent rise unlikely to hold due to a generally favorable outlook for production in top-producing Ivory Coast.
* New York Cocoa Mars CCc2 fell 0.2% to $2,551 a tonne at 1325 GMT after hitting a six-month high of $2,577.
*Traders noted that the flow of cocoa from Ivory Coast had been disrupted by a dockers’ strike in San Pedro, one of the country’s two main ports, although the outlook for this year’s harvest remains favourable.
* “As soon as the shipment delays are resolved after the strike ends, cocoa prices are expected to lose their gains again, as cocoa farmers expect the pace of harvesting and shipments to increase to from mid-November and yields better than last year,” Commerzbank said in a note.
* Cocoa March in London LCCc2 fell 1.3% to 2,005 pounds per tonne, with a stronger book against the dollar adding downward pressure on prices.
* Arabica coffee from March KNc2 rose 0.6% to $1.6870 a pound, moving away from a 15-month low of $1.6045 set on Thursday.
* Dealers declared a great influx Arabica coffee in ICE-licensed warehouses remained a bearish influence.
* ICE certified coffee stocks stood at 448,704 bags as of November 10, rising even higher than a 23-year low of 382,695 bags set on November 3. There were 363,104 bags in Antwerp awaiting classification.
* January robusta coffee LRCc2 rose 0.9% to $1,843 a tonne, rebounding from the previous session’s fall to a 15-month low of $1,788.
* March raw sugar SBc1 rose 1.4% to 19.69 cents a pound after hitting a five-month high of 19.70 cents.
* Dealers said the funds added to long positions in raw sugar amid a weaker dollar and a rally in global stock markets.
* December white sugar LSUc1 rose 1.8% to $565.10 per tonne.
(Reporting by Nigel Hunt; editing by David Evans)
(([email protected]; +44 (0) 7990 561421; Reuters Messaging: [email protected]))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.