SOFTS-London cocoa hits 1-1/2 year low, coffee also down
LONDON, Oct 7 (Reuters) - London cocoa futures on ICE hit their lowest in more than 1-1/2 years on Tuesday, with supplies boosted by newly harvested crops from West Africa, while demand remained weak.
COCOA
* London cocoa LCCc2 fell 2.1% to 4,310 pounds per metric ton at 1439 GMT, after hitting its lowest since February 2024 at 4,240 pounds. The market fell 10% last week.
* Indicating ample near-term supply, cocoa for December 2025 delivery last traded at a discount of 65 pounds/t versus cocoa for delivery in December 2026 LCCc1-LCCc6.
* "At a similar market level a year ago, the (Dec/Dec) yearly spread was trading at (a premium of) 1,456 (pounds/t)," said a dealer.
* Cocoa is under pressure as the West African harvest gets underway, while on the demand side, upcoming third-quarter cocoa grind data for Europe, North America and Asia is expected to show further declines.
* New York cocoa CCc2 fell 2.1% to $6,164 a ton.
COFFEE
* Arabica coffee KCc2 fell 2.2% to $3.5695 per lb, having settled down 2.5% on Monday.
* The Brazilian and U.S. presidents agreed to meet in person soon after a friendly video call on Monday, Brazil's government said, boosting prospects for a thaw in bilateral relations that are at their worst in decades.
* Dealers said the imposition of a 50% tariff on shipments of Brazilian coffee to the U.S. had contributed to a run-up in prices in the third quarter of this year and so any sign they may be removed or reduced was seen as bearish.
* Brazil exported 195,803 tons of green coffee in September, down from 243,101 tons a year ago, government data showed.
* Also, Brazilian coffee growers reported a robust flowering in their fields, but said rain is needed for a good fruit load.
* Robusta coffee LRCc2 fell 1.25% to $4,408 a ton.
SUGAR
* Raw sugar SBc1 fell 1.8% to 16.50 cents per lb, having hit a two-month high earlier of 16.88 cents/lb.
* Dealers said short-covering by speculators had helped to fuel the recent run-up in prices but fundamentals remained bearish with a global surplus expected in the 2025/26 season.
* White sugar LSUc1 fell 1.5% to $457.40 a ton.
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