Robusta coffee hits fresh 16-year peak as traders scramble for supplies
Adds comments, closing prices
LONDON, Jan 24 (Reuters) -Robusta coffee futures on the ICE exchange again topped their highest price in at least 16 years on Wednesday, as traders in top producer Vietnam scramble for supplies amid an escalating crisis in the Red Sea.
COFFEE
* March robusta futures LRCc2 settled $25, or 0.8%, higher at $3,207 a metric ton, after peaking at $3,254 earlier - the highest since the current form of the contract started trading in January 2008.
* Attacks by Iran-aligned Houthis in Yemen on commercial vessels in the Red Sea have delayed robusta shipments to Europe from not only Vietnam, but also key suppliers like Indonesia and India.
* Rabobank said the crisis was the markets' main focus for now, especially because it prompted Vietnamese farmers and dealers, who were already slow sellers before the attacks, to hoard even more coffee.
* March arabica coffee KCc1 fell 1.8% at $1.8945 per lb, having earlier touched its highest in nearly a month at $1.9575.
COCOA
* March New York cocoa CCc1 settled $151, or 3.3%, higher at $4,785, after touching a new 46-year peak of $4,835 on Tuesday.
* "Investors and trade houses seem ready to test the $5,000/ton in NY and 4,000 pounds/ton in London soon. This could finally be the tipping point for material cocoa demand destruction," Citi Research said.
* Indicating still strong cocoa demand, sales volumes at Barry Callebaut BARN.S, which makes an estimated fifth of the chocolate in the world, edged up in the quarter to end-November as it managed to pass on some of the surge in cocoa prices.
* March London cocoa LCCc1 rose 1.7% to 3,793 pounds a ton after setting a record high of 3,799 pounds on Tuesday.
SUGAR
* March raw sugar SBc1 rose 3% to 24.46 cents per lb after hitting its highest since early December at 24.54 cents.
* India is planning an increase of 8% for the floor price that mills must pay for sugar cane in the 2024/25 season from Oct. 1, a government source told Reuters on Wednesday, as the world's second-largest sugar producer tries to boost output.
* March white sugar LSUc1 rose 2.3% to $685.30 a ton.
Reporting by Maytaal Angel and Marcelo Teixeira; Editing by Paul Simao, Alison Williams and Krishna Chandra Eluri
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