Adds comment, price update
LONDON, August 16 (Reuters) – Raw sugar futures on ICE hit a 4.5-year high on Monday, supported by fund purchases amid tight supply, while London cocoa hit a five-month high .
* October raw sugar SBc1 rose 0.1 cent, or 0.5%, to 20.05 cents a pound at 1340 GMT after hitting a high of 20.17 cents – the highest since February 2017.
* Dealers said weaker production prospects in south-central Brazil helped squeeze supplies.
* ICE raw sugar speculators raised their net long position by 18,012 contracts to 195,392 in the week to August 10, the data showed.
* They noted that the speculative (investor) long position was at its highest since the end of October 2020, when it peaked at 211,334 lots.
* “Investor buying increased during the rally, but it’s over and probably now closer to the end,” Commonwealth Bank of Australia analyst Tobin Gorey said in a note.
* October white sugar LSUc1 rose $ 5.80, or 1.2%, to $ 496.90 a tonne.
* December London cocoa LCCc2 was 14 pounds, or 0.8%, up to 1,802 pounds per tonne after hitting a five-month high of 1,804 pounds.
* Dealers said the market was supported by signs of recovering demand as restrictions related to the COVID-19 pandemic are lifted in some countries.
* The supply remains abundant, however, with production in Côte d’Ivoire and Ghana increasing during the 2020/21 season (October / September).
* December New York cocoa CCc2 rose $ 18, or 0.7%, to $ 2,638 a tonne after hitting a five-month high of $ 2,639.
* Heavy rains in most cocoa growing areas of Côte d’Ivoire last week have revived hopes for a quick start to the main harvest from October to March, farmers said on Monday.
* Arabica coffee in December KCc2 rose 0.1 cent, or 0.05%, to $ 1.8585 a pound.
* Robusta coffee in November LRCc2 rose $ 7, or 0.4%, to $ 1,843 per tonne.
(Reporting by Nigel Hunt; Editing by Emelia Sithole-Matarise and Barbara Lewis)
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