NEW YORK (Reuters) – ICE futures contracts in London closed higher on Thursday, with the market consolidating below the record set earlier in the week, while oil prices fell.
There will be no trading at ICE on Friday due to the Good Friday holiday.
COCOA
* The July contract rose 62 pounds, or 0.8%, to 7,725 pounds per tonne, although prices remained well below Tuesday’s record peak of 8,009 pounds.
* Dealers said the market’s focus was turning to the mid-season harvest in Ivory Coast, the biggest producer, which begins next week with an expected decline to around 400,000 to 500,000 tonnes, down from 600,000 tonnes a year ago.
* The July cocoa contract in New York was stable at $9,306 per ton.
COFFEE
* The May Robusta contract closed down $80, or 2.2%, at $3,479 a ton, retreating slightly after the recent strong market rally.
* Traders said supplies were exceptionally tight in Vietnam, while there were concerns that dry weather could reduce next year’s harvest in the world’s biggest Robusta producer.
* May fell 0.9%, to 1.8885 per pound.
SUGAR
* May crude was up 0.33 cents, or 1.5%, at 22.52 cents per pound.
* Traders said recent rains appear to have improved the outlook for Brazil’s 2024/25 sugarcane harvest, although some concerns about dry conditions remain.
* “Brazil could have a strong early harvest, which could be bearish in the short term, but harvested cane volumes could disappoint later in the year,” Rabobank said in a report.
* May white sugar rose 1.1%, to $652.50 per ton.
(By Nigel Hunt and Marcelo Teixeira)
