Cocoa prices climb on stronger-than-expected grind data

New York cocoa futures rose sharply on Tuesday, buoyed by data showing demand has been more resilient than expected, while sugar prices also climbed.

COCOA

* New York cocoa CC2! rose 4.2% to $9,063 a metric ton by 1334 GMT after setting a 2-1/2 week high of $9,120.

* Dealers said the market had been boosted by first-quarter grind data from Europe, North America and Asia last week, which all showed smaller than expected declines year on year.

* The market was also supported by strong cocoa grinding data for the Ivory Coast covering March, published on Tuesday, which showed a 5.6% rise from the same month last year.

* A sharp rise in cocoa prices in the last couple of years had been expected to lead to a significant drop in demand.

* London cocoa C2! rose 6.1% to 6,417 pounds a ton, also adjusting to gains in New York on Monday when UK markets were shut for a public holiday.

* In the Brazilian state of Bahia, farmer Moises Schmidt is developing the world's largest cocoa farm.

SUGAR

* Raw sugar SB1! rose 0.9% to 17.91 cents per lb, edging further away from last week's 2-1/2 year low of 17.51 cents.

* Dealers said a deteriorating global economic outlook was, however, keeping the market on the defensive, along with the prospect of increased production in Thailand and India.

* White sugar SF1! rose 0.9% to $503.50 a ton.

COFFEE

* Robusta coffee RC2! dropped 1.5% to $5,198 a ton, reflecting a decline in arabica prices on Monday when UK markets were shut.

* Dealers said the 2025/26 robusta crop in Vietnam was developing well, with flowering almost complete.

* Arabica coffee KC2! rose 1% to $3.6810 per lb.