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NY cocoa retreats from 9-month peak, sugar also down

(Adds comment, updates prices)

LONDON, Nov 25 (Reuters) – New York cocoa futures retreated from the prior session’s nine-month peak on Wednesday, weighed down by profit-taking ahead of the upcoming U.S. holiday, while raw sugar also fell.

COCOA

* March New York cocoa fell $57, or 2.1%, to $2,728 a tonne by 1544 GMT after rising on Tuesday to a nine-month high of $2,821.

* Dealers said the market was monitoring for potential sales from Ivory Coast and Ghana following a run-up in prices. The two West African producers have struggled to sell their 2020/21 crop following the introduction of a premium to help alleviate farmer poverty.

* March London cocoa fell 25 pounds, or 1.35%, to 1,829 pounds per tonne.

SUGAR

* March raw sugar fell 0.27 cents, or 1.8%, to 14.77 cents per lb as the market awaited news from India about potential export subsidies for the 2020/21 season.

* Indian sugar mills have for the first time in three years agreed to export the sweetener without the support of government subsidies as they scramble to pay dues owing to farmers, sources told Reuters.

* “News and market chatter continues to focus on India’s possible exports and the required subsidies,” said Commonwealth Bank of Australia analyst Tobin Gorey.

* March white sugar fell $6.90, or 1.7%, to $401.70 a tonne.

* Brazil’s center-south region produced 1.2 million tonnes of sugar in the first half of November, up 57% from the same period a year earlier, sugar-cane industry association UNICA said on Wednesday.

COFFEE

* March arabica coffee was up one cent, or 0.8% at $1.1690 per lb.

* Dealers said dry weather in southern Brazil remained a supportive factor, denting the outlook for next year’s crop in the world’s top producer.

* March robusta coffee rose $5, or 0.4%, to $1,370 a tonne. (Reporting by Nigel Hunt Editing by Kirsten Donovan, David Goodman and Barbara Lewis)


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