SOFTS — Cocoa prices hit one — month high on adverse El Niño — linked weather
LONDON, Oct 13 (Reuters) — Cocoa futures on ICE hit their highest in about a month on Tuesday amid adverse El Niño-linked weather in key growing regions, while raw sugar steadied and was off last week's 19-month peaks. Cocoa London cocoa rose 2.2% to £4,375 a metric ton at 1300 GMT, having hit its highest since early September at £4,466. "Ivory Coast and southwestern Ghana have seen below normal (El Niño-linked) rainfall for the past couple of months and this pattern is expected to continue over the next week to 10 days," said broker ADMIS. Rabobank said unseasonal recent and forecast wet weather in Ecuador, the world's third-largest grower, is also raising concerns about production. Elsewhere, the market is awaiting this week's third-quarter data on the cocoa grind, a measure of demand. Broker StoneX said it sees the grind in top processing region Europe dropping by 2.6% year-on-year. The Asian grind is seen increasing by 17.3%, however, while in North America it is seen dipping 0.2%. New York cocoa rose 3% to $5,844 a ton, having hit its highest since mid-September at $5,965. Sugar Raw sugar was little changed at 20.84 cents per lb, having touched a 19-month peak of 21.24 cents