SOFTS-Cocoa climbs to three month excessive on rising demand; sugar additionally up

Recasts, consists of feedback and shutting costs

NEW YORK/LONDON, Jan 14 (Reuters) – Cocoa futures on ICE gained 2% and hit a three-month excessive on Friday, buoyed by indicators that demand is continuous to choose up after dipping within the early levels of the COVID-19 pandemic.

COCOA

* March New York cocoa CCc1 ​​settled up $50, or 1.9%, at $2,659 a tonne, having hit the very best worth since Oct. 13 earlier within the session at $2,683 a tonne.

* Sellers stated the contract broke a number of resistance ranges in the course of the session, triggering extra shopping for.

* Asia’s fourth-quarter cocoa grind, a key indicator of demand, rose 6.33% year-on-year to 231,309 tonnes, information from the Cocoa Affiliation of Asia confirmed on Friday.

* The fourth-quarter European grind is because of be launched on Jan. 19 and the North American grind on Jan. 20.

* March London cocoa LCCc1 rose 40 kilos, or 2.3%, to 1,773 kilos per tonne​ after peaking at 1,776 kilos – the very best degree for the entrance month since Oct. 19.

COFFEE

* March robusta espresso LRCc2 settled down $9, or 0.4%, at $2,228 a tonne.

* Sellers stated {that a} pickup in shipments from prime robusta producer Vietnam had helped ease considerations about short-term provide tightness whereas trade shares have begun to creep up.

* Legitimate ICE robusta shares stood at 97,290 tonnes at Jan. 12, up marginally from 97,120 tonnes every week earlier.

* March arabica espresso KCc1 closed up 2.65 cents, or 1.1%, at $2.3965 per lb​​.

* Brazil’s exporters affiliation Cecafe holds a press convention on Monday to debate the commerce throughout 2021.

SUGAR

* March uncooked sugar SBc1 ​​settled up 0.22 cent, or 1.2%, at 18.31 cents per lb. The entrance month has slowly regained some floor after falling to a 5-1/2-month low of 17.60 cents on Monday.

* Sellers famous the upside appeared restricted, nevertheless, with bettering manufacturing outlooks for Thailand and India more likely to mood any bullish sentiment associated to China.

* Analyst Inexperienced Pool on Friday minimize its forecast for China’s sugar manufacturing in 2021/22 to lower than 10 million tonnes and added that an elevated danger of frost due to the La Nina climate occasion made for additional draw back potential.

* March white sugar LSUc1 gained $5.30, or 1.1%, to $502.60 a tonne.

(Reporting by Marcelo Teixeira and Nigel Hunt Enhancing by David Goodman, Kirsten Donovan and Jonathan Oatis)

((marcelo.teixeira@tr.com; +1 332 220 8062; Reuters Messaging: marcelo.teixeira.thomsonreuters.com@reuters.net – https://twitter.com/tx_marcelo))

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