Robusta prices buoyed by Vietnam`s rain, cocoa also climbs

LONDON, Oct 19 (Reuters) – Robusta coffee futures on ICE
rose to a four-week high and the nearby premium widened on
Thursday as rain in Vietnam looked set to delay the harvest.
New York cocoa futures also advanced ahead of the release
later on Thursday of third quarter grind data for North America.

COFFEE
* November robusta coffee rose $29, or 1.45 percent,
to $2,027 per tonne by 1339 GMT after peaking at $2,035, a
four-week high for the front month.
* Dealers noted the front month`s premium had risen to
around $60. The last time it was around current levels was in
November 2016.
* The harvest in Vietnam, the top robusta producer, is due
to start around mid-November.
* Dealers said any delays to shipments from Vietnam would
heighten concern about tight nearby supplies.
* “It has been raining and it looks like it is going to rain
for another week or so out there. The more days it rains the
more shipments get delayed so there is a time squeeze,” one
London dealer said.
* December arabica coffee rose 2.70 cents, or 2.2
percent, to $1.27 per lb.
* Dealers said the arabica market was supported by short
covering and technically-driven buying after the December
contract found support at $1.23 on both Tuesday and Wednesday.

COCOA
* December New York cocoa was up $50, or 2.4 percent,
at $2,117 a tonne after rising to a peak of $2,134, the highest
level for the front month since March 28.
* Dealers said December`s move from a discount to a premium
to March prompted short covering by speculators while the focus
was also on the release of third quarter grind data for North
America and Asia.
* “I think people are looking for positive grind data for
North America and Asia and that may have pushed the market
higher,” one dealer said, adding buy-stops were triggered as the
market broke through resistance at recent highs.
* Traders expected North America`s Q3 grind to show a
year-on-year rise of about two to three percent while the
grindings in Asia, due to the released early Friday, were seen
up about eight to 10 percent.
* December London cocoa was up 22 pounds, or 1.4
percent, at 1,582 pounds a tonne.

SUGAR
* March raw sugar was up 0.07 cent, or 0.5 percent,
at 14.15 cents per lb.
* Dealers said the market was underpinned by the prospect of
an early end to the harvest in top producer Brazil.
* December white sugar was up $2.30, or 0.6 percent,
at $372.60 a tonne.

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