Robusta coffee prices hit record high, sugar falls over 2%
Updates with comments and closing prices
NEW YORK, April 25 (Reuters) - Robusta coffee futures on ICE rose to a record high on Thursday buoyed partly by dry conditions in top producer Vietnam, while raw sugar prices fell more than 2%.
COFFEE
* July robusta coffee LRCc2 settled up $38, or 0.9%, at $4,304 a metric ton after touching a record high of $4,338.
* Dealers said the market was buoyed by tight supplies in Vietnam and concern a water shortage could limit irrigation of the next crop.
* Premiums for robusta coffee in Vietnam surpassed $1,000 per ton for the first time this week.
* Conditions in Vietnam's coffee belt remain hot and dry.
* July arabica coffee KCc2 rose 1% to $2.281 per lb.
* "Harvest is finally shaping, with more and more farms entering the process of picking. We expect better volumes to flow soon," said a Brazil-based broker, adding he does not expect fast selling of fresh coffee.
SUGAR
* May raw sugar SBc1 settled down 0.52 cents, or 2.6%, at 19.48 cents per lb.
* Dealers said the fall was partly due to a forecast by Brazil government agency Conab for the planted sugarcane area to have grownby a larger-than-expected 4.1% to 8.67 million hectares in the 2024/25 season (April-March).
* Conab expects a record sugar production in the country, despite below-average rains during crop development.
* August white sugar LSUc1 fell 2.3% at $563.60 a ton.
COCOA
* July London cocoa LCCc2 settled down 239 pounds, or 2.5%, to 9,248 pounds per ton. The contract hit a record high last week at 9,980 pounds.
* Dealers said the market has at last lost some upward momentum with talk that the current global supply shortage had largely now been priced in after a blistering rally.
* Cocoa prices have nearly tripled in value this year.
* Dealers also noted that high prices may stimulate production and result in a more balanced market in the 2024/25 season (October/September).
* Main-crop cocoa arrivals at ports in Ivory Coast since the start of the season on Oct. 1 were down 28.1% by April 21.
* July New York cocoa CCc2 fell 1.9% to $10,804 a ton.
Reporting by Maytaal Angel, Nigel Hunt and Marcelo Teixeira; Editing by David Goodman, Kirsten Donovan and Shailesh Kuber
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