Cocoa fell to the lowest price in a week in New York as bean arrivals increased at ports in top global producer Ivory Coast. Sugar and coffee also dropped.
Cocoa deliveries to the Ivory Coast ports of Abidjan and San Pedro from farms totaled 22,622 metric tons for Oct. 17 to Oct. 23, a document obtained from the industry’s regulator showed. Deliveries the previous week were 12,193 tons, according to an industry official with access to the data.
“The low arrivals might have been supporting terminal prices but with export declarations higher, that support seems to have been eroded away,” Keith Flury, an analyst at Rabobank International in London, said today by e-mail.
Cocoa for December delivery dropped 2.6 percent to $2,626 a ton by 7:55 a.m. on ICE Futures U.S. in New York. The price fell to $2,618, the lowest since Oct. 25. Prices in London fell to the lowest since July 2009.
Ivory Coast may boost output of cocoa by 10 percent to 1.65 million tons in the 2011-12 season that started last month, Malick Tohe, special adviser on cocoa to Ivory Coast’s prime minister, said on Oct. 26.
Raw sugar for March delivery fell 1 percent to 25.51 cents a pound on ICE. White, or refined, sugar for December delivery dropped 1.3 percent to $680.90 a ton on NYSE Liffe.
Arabica coffee for December delivery retreated 1.4 percent to $2.237 a pound in New York. Robusta coffee for January delivery was down 1.4 percent at $1,796 a ton in London.
To contact the reporter on this story: Isis Almeida in London at Ialmeida3@bloomberg.net
To contact the editor responsible for this story: Claudia Carpenter at Ccarpenter2@bloomberg.net.