(Reuters) – New York cocoa futures on ICE hit their highest level in more than two years on Wednesday, boosted by tight supply, while white sugar rose to a six-month high.
COCOA
* The New York Cocoa May contract closed up $57, or 2.0%, to $2,874 a tonne — the high for the first contract month since December 2020.
* Traders report supplies remain tight, with May trading at a premium of around $36 ahead of July.
* They noted that speculators were restoring long positions after a recent sell-off period.
SUGAR
*May white sugar closed up $14.10, or 2.4%, at $603.90 a tonne after setting a six-month high of $604.30.
* Traders say the market continues to be driven by lower than expected harvests in India and Thailand, while the focus will soon shift to the harvest in south-central Brazil, which is expected to start soon and accelerate in the next month.
* May raw sugar was up 0.34 cents, or 1.6%, to 21.14 cents a pound.
CAFETERIA
* May arabica fell 2.3 cents, or 1.3%, to settle at $1.78 a pound.
* Ugandan coffee exports in February were up 6% year-on-year as higher prices prompted traders to release larger volumes of stock from their warehouses, a state sector regulator said on Wednesday.
* May Robusta coffee fell $18, or 0.8%, to $2,112 a tonne.
(Reporting by Laura Sanicola and Nigel Hunt)