Robusta coffee slides as storm fears ease, cocoa extends rally
LONDON, Dec 1 (Reuters) - Robusta coffee futures on the ICE exchange slid on Monday as fears over damage from another tropical storm in top grower Vietnam eased, while cocoa extended its rally bouncing off last week's two-year lows.
COFFEE
Robusta coffee LRCc1 fell 2.8% to $4,437 a metric ton.
The contract gained 6.4% two weeks ago amid rains, floods and landslides in Vietnam, but rose only 1% last week.
"The Central Highlands (coffee region) just saw 1–2 days of drier weather, prompting farmers to return to the fields and resume intermittent harvesting," noted a Vietnam-based dealer.
This week, tropical storm Koto is expected to linger near southern Vietnam, with minimal impact on Central Highlands coffee regions, according to LSEG Weather Research.
Arabica coffee KCc2 fell 1.6% to $3.7505 per lb, having gained 3.2% last week.
COCOA
London cocoa LCCc2 edged up 0.2% to 4,079 a ton, having hit 3,650 pounds last Tuesday, its lowest level in nearly two years.
London cocoa speculators increased their net short position by 3,555 lots to 26,303 lots as of November 25, exchange data showed.
Cocoa traders are increasingly nervous given funds' short position in what is a technically oversold market, dealers said.
Cocoa supply availability, however, is improving. About 100,000 tons were delivered between November 24 and November 30 to top grower Ivory Coast's ports, up from 92,000 tons in the same week of the previous season, exporters estimated.
The International Cocoa Organization on Friday estimated there was a global cocoa surplus of 49,000 metric tons in the 2024/25 season (October/September).
New York cocoa CCc2 edged up 0.1% to $5,510 a ton.
SUGAR
Raw sugar SBc1 fell 1.8% to 14.93 cents per lb, having posted a weekly gain of 2.9% last week.
Sugar production in Brazil's Centre South is expected to total 1.08 million tons in the first half of November, up 18.9% year on year, according to an S&P Global Commodity Insights survey.
The data will be released this week.
Analysts have started to temper their forecasts for the 2025/26 global sugar surplus, according to broker ADM ISI.
White sugar LSUc1 fell 2.1% to $426.20 a ton, having gained 2.7% last week.
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