NY cocoa hits 4-1/2 month low as crop outlook brightens
(Adds settlement prices, comment)
NEW YORK/LONDON, Aug 13 (Reuters) - New York cocoa futures
fell to a 4-1/2-month low on Tuesday as more robust production
was expected in West Africa due to favorable weather conditions,
while coffee and sugar prices rose.
* December New York cocoa settled $39, or 1.8%, at
$2,206 a tonne, having touched $2,200 during the session, the
lowest since March 25.
* "The main factor driving prices down is the weather. On
the demand side, acceleration in grindings growth is expected
but at the moment we don't see any signs of that," said Rabobank
analyst Carlos Mera.
* Cocoa arrivals at ports in top grower Ivory Coast reached
2.138 million tonnes between Oct. 1-Aug. 4, exporters estimated
last week, up from 1.972 million tonnes during the same period
* December London cocoa was down 30 pounds, or 2.1%,
to 1,742 pounds a tonne.
* September arabica coffee rose 2.6 cents, or 2.7%,
to settle at 96.35 cents per lb, after falling nearly 4% to an
11 week low on Monday.
* Dealers said the market was supported by a rebound in
Brazil's real currency. A stronger real discourages
producer selling by making prices less attractive in local
* A large crop in Brazil and the potential for a record
harvest in 2020 continued, however, to keep a lid on prices.
* September robusta coffee ended up $35, or 2.8%, at
$1,305 a tonne.
* October raw sugar was up 0.17 cents, or 1.4% at
11.72 cents per lb, also buoyed by a stronger Brazilian real.
* Gains were capped by concerns about excess nearby supplies
and the potential for a large delivery against the October
* Brazil's 2019-20 centre-south sugar output is seen at 25.5
million tonnes versus 24.18 million tonnes in a previous
forecast, said Archer Consulting.
* An improvement in India's monsoon also means the country's
production is likely to bounce back in 2020/21.
* October white sugar was up $6.60, or 2%, at
$317.20 a tonne.
(Reporting by Maytaal Angel and Nigel Hunt, additional
reporting by Jessica Resnick-Ault; Editing by Marguerita Choy
and Alexandra Hudson)
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