SOFTS-NY cocoa falls after hitting a 6-month high

NEW YORK/LONDON, Nov 11 (Reuters) – New York cocoa futures fell on Friday after hitting a six-month high, with the recent rise unlikely to continue amid generally favorable outlook for production in Côte d’Ivoire. .


* New York Cocoa in March settled $37, or 1.4%, at $2,518 a tonne after hitting a six-month high of $2,577.

* Traders noted that the flow of cocoa from Ivory Coast had been disrupted by a strike by dockworkers at San Pedro, one of the country’s two main ports, although prospects for this year’s crop remain favorable.

* “As soon as the shipment delays are resolved after the strike ends, cocoa prices are expected to lose their gains again, as cocoa farmers expect the pace of harvesting and shipments to increase to from mid-November and yields better than last year,” Commerzbank said in a note.

* London Cocoa in March fell 61 pounds, or 3%, to 1,971 pounds a tonne, with a stronger pound against the dollar adding to downward pressure on prices.


* March Arabica coffee settled 0.4 cents, or 0.2%, at $1.681 a pound, moving away from a 15-month low of $1.6045 set on Thursday.

* Dealers said a large influx of Arabica coffee into ICE-licensed warehouses remains a bearish influence.

* Stocks of ICE-certified arabicas rose to 454,056 bags on November 11, surpassing the 23-year low of 382,695 bags set on November 3. And sacks awaiting classification increased to 456,133 sacks in Antwerp, which could increase overall stocks to over 900,000 sacks.

* January robusta coffee rose $9, or 0.5%, to $1,836 a tonne, rebounding from the previous session’s fall to a 15-month low of $1,788.


* March raw sugar settled 0.23 cents, or 1.2%, at 19.64 cents a pound after hitting a five-month high of 19.85 cents.

* Dealers said the funds added to long positions in raw sugar amid a weaker dollar and a rally in global equity markets.

* December white sugar rose $11.40, or 2.1%, to $566.50 a tonne. (Reporting by Marcelo Teixeira and Nigel Hunt; Editing by David Evans, Jonathan Oatis and Shailesh Kuber)

Carol N. Valencia