Robusta coffee heads back towards one-month high, cocoa slides after rally
LONDON, May 30 (Reuters) -ICE robusta coffee futures rose on Thursday, heading back towards a recent one month high thanks to renewed focus on tight supplies in top producer Vietnam, while cocoa gave back some of Wednesday's sharp gains.
COFFEE
* July robusta coffee LRCc1 rose 3% to $4,164 a metric ton by 1258 GMT, after hitting a one month high on Wednesday.
* Bean supply in Vietnam remains tight, with some roasters having to buy from Brazil to fulfil their needs, traders said, adding the rainfall that has finally hit the coffee areas has come too late to prevent crop damage.
* Market participants in Brazil also cited rising domestic prices for robusta, thanks to strong demand from Vietnam.
* July arabica coffee KCc1 rose 1.3% to $2.3115 per lb.
COCOA
* July London cocoa LCCc1 fell 2.7% to 6,812 pounds per ton, having closed 6.6% higher on Wednesday in a sixth straight session of gains.
* Cocoa remains underpinned by a large global deficit in the current 2023/24 season, with the International Cocoa Organization due to update its forecast in a quarterly update during the next few days.
* Ivory Coast's cocoa regulator has told exporters or buyers a discount will no longer be offered for the 150,000 tons worth of purchase contracts deferred from the main to the current mid-crop.
* Exporters say the move will result in a huge loss of earnings for them, especially as they are having to pay more to buy beans.
* July New York cocoa CCc1 rose 2.1% to $8,413 a ton.
SUGAR
* July raw sugar SBc1 fell 0.4% to 18.27 cents per lb, extending the prior session's falls.
* Sugar production in top producer Brazil is still running ahead of last year, although market participants expect the second half of the season will not be so strong.
* Monsoon rains hit the coast of India's southernmost state of Kerala on Thursday, two days sooner than expected, weather officials said, offering respite from a gruelling heat wave while boosting prospects for bumper harvests, including sugar.
* Ukraine will formally ban exports of sugar to the European Union for the remainder of this year as its EU quota has been filled.
* August white sugar LSUc1 fell 0.3% to $541.60 a ton.
Reporting by Maytaal Angel; Editing by Kirsten Donovan
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