Robusta coffee heads towards fresh two-month low
LONDON, Oct 22 (Reuters) -Robusta coffee futures on ICE slipped on Tuesday, heading back near the two-month low set in the previous session on reports of weak demand, while cocoa prices also fell.
COFFEE
* November robusta coffee LRCc1 slipped 0.4% to $4,558 a metric ton by 1256 GMT, moving towards Monday's two-month low of $4,525.
* Dealers said demand for coffee shipments from top producer Vietnam was weak because many have already secured coffee from other origins, especially as the EU's deforestation regulation had been expected to come into effect at the end of 2024.
* This has reduced the urgency for buyers to engage in new
transactions, further quieting the market, dealers said.
* December arabica coffee KCc1 rose 0.3% to $2.5245 per lb.
COCOA
* March London cocoa LCCc2 fell 1.2% to 5,004 pounds a ton, having gained 0.8% on Monday.
* Though market players still expect an improved cocoa crop this season, the some are scaling back market balance estimates.
* Commerzbank noted that demand had yet to react strongly to historically high prices, having decreased by only 0.6% year on year in North America, Europe and Asia in the 2023/24 season (Oct-Sept).
* Analyst BMI has forecast another global deficit in the current 2024/25 season. The projected deficit is small, at only 30,000 tons, but it would make for a fourth consecutive season of shortfalls in cocoa.
* December New York cocoa CCc1 fell 1.3% to $7,302 a ton.
* Abundant rainfall in most of top producer Ivory Coast's main cocoa-growing regions last week boosted prospects for the October-to-March main crop, farmers said, while buyers flagged potential quality concerns.
SUGAR
* March raw sugar SBc1 was up 0.7% at 21.98 cents per lb after touching a one-month low of 21.55 cents.
* Global demand for raw sugar might be weakening after strong volumes this year, supply chain solutions provider CZ said in a report this week.
* December white sugar LSUc1 rose 0.8% to $567.50 a ton.
Reporting by Maytaal Angel
Editing by David Goodman
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