SOFTS-London cocoa prices rise, raw sugar also higher

LONDON, Dec 29 (Reuters) - London cocoa futures were higher on Monday but still on track to post a large annual loss, while raw sugar and robusta coffee prices also rose.

COCOA

London cocoa LCCc1 rose 0.7% to 4,246 pounds a metric ton by 1110 GMT.

Weak demand, however, helped to limit the scope of the market's recovery with prices still on track to fall around 54% this year.

Ivory Coast's cocoa grind fell 6.7% year-on-year in November to 56,696 metric tons of beans, data from exporters' association GEPEX showed on Friday.

New York cocoa CCc1 lost 0.3% to $5,935 a ton.

SUGAR

Raw sugar SBc1 was up 0.5% at 15.24 cents per lb.

Dealers said speculators had scaled back a net short position during the run-up in prices from a five-year low of 14.04 cents in early November but the scope for further gains may be limited by ample supplies with a global surplus expected in the 2025/26 season (October/September).

Sugarcane crushing in Brazil’s North and Northeast regions reached 32.5 million metric tons through November 30, a 9.4% drop versus the year-earlier period, industry group NovaBio said on Friday.

White sugar LSUc1 fell 0.6% to $432.50 a ton.

COFFEE

Robusta coffee LRCc2 gained 0.8% to $3,890 a ton.

Dealers said the weather has been generally favourable for harvesting and drying of beans in top robusta producer Vietnam although farmers remain reluctant to sell given the current low level of prices.

Arabica coffee KCc1 rose 0.1% to $3.5045 per lb.