Robusta coffee hits highest in at least 16 years, cocoa dips
LONDON, Sept 13 (Reuters) -Robusta coffee futures on ICE hit their highest in at least 16 years on Friday, with worries over weather and supplies prevailing, while cocoa prices dipped, consolidating recent gains.
COFFEE
* November robusta coffee LRCc2 rose 2% to $5,180 a metric ton at 1227 GMT, having peaked at $5,190.
* Robusta remains boosted by this season's poor harvest in top producer Vietnam and traders fearadverse weather earlier this year likely hurt the upcoming crop.
* BMI, a Fitch Solutions Company, said stocks in the Asian nation were depleted and weather concerns remained.
* According to LSEG analysts, flooding will return to Vietnam's coffee regions throughout the next one to two weeks, making the outlook negative for the upcoming crop.
* December arabica coffee KCc2 rose 2.4% to $2.5540 per lb, on course for 5% gains this week.
COCOA
* December New York cocoa CCc2 fell 0.6% to $7,543 a ton, but was on course for gains of 7% this week.
* The cocoa price rally is driving rapid expansion across South America, with production likely to climb to an all-time high of 1.1 million metric tons in the coming season, a senior trader at softs commodities at broker StoneX SNEX.O said.
* ""You have high yielding trees and if you have planted your trees at the correct density... applying good fertilizers... irrigating and pruning regularly ... you're going to produce 2,000 kilos/year, per hectare," said Alberto Nacer.
* He said this compared with 350 kgs per year from some smaller and older plantations.
* The global cocoa market is in its third year of deficit, while the global cocoa stocks-to-grinding ratio has dropped to its lowest reading in almost 50 years. However,production could recover next season.
* December London cocoa LCCc2 fell 1% to 5,261 pounds per ton, looking to clock 1% gains for the week.
SUGAR
* October raw sugar SBc1 rose 1.7% to 19.39 cents per lb.
* Negative production data out of top producer Brazil is boosting prices.
* Workers at Australia's largest sugar maker, Wilmar Sugar and Renewables, have voted to accept a pay offer, ending a months-long industrial dispute that disrupted sugar production.
* October white sugar LSUc1 rose 1.8% to $549.60 a ton.
Reporting by Maytaal Angel; Editing by Janane Venkatraman
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