2023-09-26 23:42:23
NEW YORK (Reuters) – Cocoa futures traded in London closed higher on Tuesday, recovering from the previous session’s declines, as the market’s focus returned to the issue of tight supply.
COCOA
* The March London cocoa contract rose 23 pounds, or 0.8%, to 2,952 pounds per tonne, after falling 1.1% on Monday and 3% last week.
* Cocoa has been consolidating since hitting a series of 46-year highs as a result of supply issues including crop disease in West Africa following heavy rains.
* Traders said despite recent price drops, cocoa downside remained limited due to supply issues in West Africa.
* A period of sunshine next month will be needed to strengthen the main October-March harvest and help combat the fungal disease black rot, farmers in top producer Ivory Coast said.
* December cocoa in New York rose $4, or 0.1%, to $3,500 a ton.
(Reporting by Marcelo Teixeira in New York and Maytaal Angel in London)
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