Cocoa futures rose the most in a week after European bean-processing, an indicator of demand, fell less than expected. Sugar rose.
European cocoa-bean processing fell 16 percent year-on-year to 316,676 metric tons in the third quarter, the European Cocoa Association, a Brussels-based industry group, said in an e- mailed report today. That compares with prior expectations for a decline of 20 percent. In the U.S., bean processing may drop 8.3 percent, the average of 10 analysts in a Bloomberg survey published on Oct. 12 showed. The Washington-based National Confectioners Association will release the figures on Oct. 18.
“The entire market has been anxiously waiting for the publication of the ECA grind data,” Eric Sivry, head of agriculture options brokerage at Marex Spectron, said in a report e-mailed yesterday.
Cocoa for March delivery was up 0.8 percent at 1,535 pounds ($2,470) a ton on NYSE Liffe in London by 11:37 a.m. The increase is the most since Oct. 9. Cocoa for December delivery rose 1.1 percent to $2,380 a ton on ICE Futures U.S. in New York.
“Let’s bear in mind that the base for the calculation, the third-quarter 2011 in Europe, was the highest processing quarter ever,” Sivry said. Bean processing in Europe in the three months ended Sept. 30, 2011, was a record 378,042 tons, according to the ECA report.
White, or refined, sugar for March delivery rose 1 percent to $548.40 a ton on NYSE Liffe. Raw sugar for March delivery advanced 1.4 percent to 20.12 cents a pound on ICE.
Robusta coffee for January delivery was unchanged at $2,064 a ton in London. Arabica coffee for December delivery rose 1.2 percent to $1.6285 a pound in New York.
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