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Sunday, October 2, 2022

Cocoa prices rise

LONDON: Cocoa prices rose on Friday, buoyed partly by a stronger second-quarter Asian grind, as the market continued to focus on the extent to which a global economic downturn may curb consumption. September New York cocoa rose 0.5% to $2,315 a tonne by 1125 GMT.

Asia’s second-quarter cocoa grind rose 3.6% year on year to 228,895 tonnes, data from the Cocoa Association of Asia showed on Friday.

COFFEE LOWER

September arabica coffee fell 1.9% to $2.1180 per lb. Dealers said the harvest in top producer Brazil was continuing at a good pace although progress remained slightly behind last year.

The market was still underpinned by falling stocks. ICE certified stocks, as of July 21, stood at only 712,817 bags, sharply down from 2.19 million bags a year ago. September robusta coffee fell 1.7% to $1,953 a tonne.

SUGAR

October raw sugar was down 1.2% at 18.13 cents per lb, dragged down by weakness in energy prices. India’s sugar production in 2022/23 could fall 1.4% fromthe current season as mills were likely to divert more cane for ethanol production, a leading trade body said on Friday. October white sugar fell 0.9% to $528 a tonne.

Cocoa prices rise

Source: Brecorder

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