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SOFTS-Cocoa prices fall as traders take stock of recent rally
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SOFTS-Cocoa prices fall as traders take stock of recent rally
May 1, 2024 5:03 AM

LONDON, May 1 (Reuters) - Cocoa futures on ICE fell on

Wednesday as traders took stock of this year's meteoric ascent,

with signs emerging that the market's bullish supply-side

drivers are priced in, for now.

Coffee and sugar also fell.

COCOA

* July London cocoa fell 0.3% to 7,906 pounds a

metric ton by 1117 GMT, extending the market's retreat from a

record high of 9,980 pounds set on April 19.

* The cocoa market is struggling with a severe lack of

liquidity as even speculative funds scale back, leaving mostly

day trading algorithmic funds in charge.

* These funds exaggerate price trends in both directions,

though dealers note that cocoa might have peaked, for now, given

it failed to set a record high last week after doing so for six

consecutive weeks.

* Supplies remained tight all the same, with port arrivals

in top growers Ivory Coast and Ghana remaining far below last

season's levels.

* July New York cocoa fell 2.4% to $9,063 a ton.

COFFEE

* July robusta coffee fell 0.2% to $4,014 a ton,

having set a record high last week of $4,338.

* Robusta continues to derive support from concerns about

dry weather in top robusta producer Vietnam.

* July arabica coffee fell 1.4% to $2.1370 per lb.

* Coffee giant Starbucks ( SBUX ) has cut its annual sales

forecast after reporting a fall in same-store sales for the

first time in nearly three years, as it struggles with weak

demand in the United States and China, its two biggest markets.

SUGAR

* July raw sugar fell 0.5% to 19.32 cents per lb.

* Deliveries of raw sugar on the expiry of the May contract

on the ICE exchange were seen at 32,914 lots, or around 1.67

million metric tons, the fourth largest on record, according to

preliminary information from three sugar traders.

* August white sugar was up 0.2% at $570.20 a ton.

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