2023-09-01 23:32:44
NEW YORK/LONDON (Reuters) – London cocoa futures on ICE fell slightly on Friday as the market consolidated just below a recent 46-year high.
COCOA
* The December London cocoa contract closed down 29 pounds, or 1%, to 2,921 pounds a tonne, down from the previous session’s 46-year high of 2,977 pounds.
* Traders say the market remains underpinned by supply concerns, with a third consecutive global deficit expected in the 2023/24 season, starting 1 October.
* The weather has improved in recent weeks in West Africa, including Nigeria, Ghana and Côte d’Ivoire, but crop development remains weak due to factors including swollen-shoot disease and fertilizer shortages, ING said on Friday. fair.
* Traders noted, however, that weaker-than-expected global crushing could help keep prices in check.
* The International Cocoa Organization (ICCO) this Friday reduced its global deficit forecast for the current 2022/23, driven by a downward revision of milling.
* The post-pandemic recovery in crushing appears to be losing steam, especially in Europe, North America and Southeast Asia, ICCO said in a quarterly update.
* The December New York cocoa contract fell $33, or 0.9%, to $3,605 a tonne.
(Reporting by Nigel Hunt and Stephanie Kelly)
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