US: Cocoa reaches a maximum of more than 2 years in New York, sugar also rises

Published 2023년 3월 22일

Tridge summary

New York cocoa and white sugar futures have reached their highest levels in over two years and six months, respectively, due to tight supply and lower-than-expected harvests in key producing countries. The New York Cocoa May contract rose 2.0% to $2,874 a tonne, with May white sugar increasing 2.4% to $603.90 a tonne. Meanwhile, May arabica coffee fell 1.3% to $1.78 a pound, but Ugandan coffee exports in February increased by 6% as traders released more stock due to higher prices.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

(Reuters) - New York cocoa futures on ICE hit the highest level in more than two years on Wednesday, boosted by tight supply, while white sugar rose to a six-month high. COCOA * The New York Cocoa May contract closed up $57, or 2.0%, to $2,874 a tonne – the high for the first contract month since December 2020. * Traders say supplies remain tight, with May trading at a premium of around $36 to July. * They noted that speculators were restoring long positions after a recent sell-off period. SUGAR *May white sugar closed up $14.10, or 2.4%, at $603.90 a tonne after setting a six-month high of $604.30. * Traders say the market continued to be driven by lower-than-expected harvests in India and Thailand, while the focus will soon shift to the harvest in south-central Brazil, which is expected to start soon and accelerate in the next month. * May raw sugar was up 0.34 cents, or 1.6%, to 21.14 cents a pound. COFFEE * May arabica fell 2.3 cents, or 1.3%, ...

Source: Mixvale