Robusta coffee hits highest in at least 16 years, cocoa steadies
LONDON, April 3 (Reuters) -Robusta coffee futures on ICE hit their highest in at least 16 years on Wednesday as investors renewed their focus on tight supplies in top producer Vietnam, while London cocoa steadied after scaling yet another record high on Tuesday.
COFFEE
* May robusta coffee LRCc1 rose 2.1% to $3,739 a metric ton by 1157 GMT, having hit $3,750 a ton earlier, its highest since the current form of the futures contract started trading in 2008.
* Dealers said there has been an uptick in farmer and local trader selling in Vietnam, yet the volumes on offer remain insufficient to meet demand from exporters and trade houses short of supply.
* May arabica coffee KCc1 rose 1.7% to $2.0115 per lb, having hit its highest since mid-December earlier at $2.0155.
* Dealers cited a slow pace of spot sales in top producer Brazil, adding that farmers remain patient as they seek better offers.
COCOA
* July London cocoa LCCc2 fell 0.5% to 7,856 pounds a metric ton after setting a record high of 8,050 pounds on Tuesday.
* Dealers noted that the backwardation in the futures market curve has weakened slightly, indicating some hope for improved supplies going forward.
* Still, global cocoa supplies remain extremely tight following poor main crops in the two largest producers Ivory Coast and Ghana.
* July New York cocoa CCc2 fell 0.1% to $9,453 a metric ton.
SUGAR
* May raw sugar SBc1 rose 1% to 22.54 cents per lb.
* May white sugar LSUc1 rose 1.7% to $654.70 a ton.
Reporting by Maytaal Angel
Editing by Tomasz Janowski
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