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Cocoa futures back above $10,000 a ton as supply squeeze persists

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LONDON, June 13 (Reuters) -New York cocoa futures on ICE rose back above $10,000 a ton on Thursday, heading towards the year's record highs with no sign yet that the market's heavy supply squeeze will ease any time soon.


* September New York cocoa CCc2 was also up 2.7% at $10,130 a metric ton at 1217 GMT, having earlier hit a six-week high of $10,274.

* Top cocoa producer Ivory Coast's has halted forward sales of next season's crop at 940,000 metric tons as they await more clarity on expected production, two sources at the sector regulator told Reuters.

* They said the country has sold forward some 940,000 tons for next season - 35% less than this time last year.

* The current season's production shortfall meant Ivory Coast oversold the 2023/24 October to March main crop, forcing it to roll contracts for 150,000 tons of beans into the mid-crop.

* Ghana, the world's second largest cocoa producer, is meanwhile looking to delay delivery of up to 350,000 tons of beans to next season due to poor crops, five sources told Reuters.

* The country is, as a result, also struggling with forward sales, having sold just 100,000 tons for 2024/25, two sources said.

* September London cocoa LCCc2 ​​rose 2.6% to 8,132 pounds per ton after earlier hitting a six-week high of 8,220 pounds.


* July raw sugar SBc1 rose 0.4% at 19.17 cents per lb.

* Dealers noted the low performance of some mills in top producer Brazil despite the relatively dry conditions, but said overall, the fundamental scenario in sugar continues to point to sideways trading.

* Unions have temporarily suspended industrial action at mills run by Australia's largest sugar producer.

* Shares in Indian sugar companies surged on reports authorities will increase the minimum sugar sales price.

* August white sugar LSUc1 rose 0.5% to $557.30 a ton.


* September robusta coffee LRCc2 rose 0.7% at $4,116 a ton. The market rose to a record high of $4,394 last week.

* September arabica coffee KCc2 rose 0.2% to $2.2550 per lb, having gained 1.5% on Wednesday.

Reporting by Maytaal Angel; editing by David Evans


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