Cocoa prices steady as focus turns back to low exchange stocks

March New York cocoa closed up $13 to $2,651 a tonne, having hit its lowest in nearly two weeks in the previous session. Dealers noted it makes no economic sense to bring in fresh beans to grade on the exchange at the moment, meaning the market could be skewed to the upside as falling stocks would be a buy signal to the funds

NEW YORK/LONDON: Cocoa prices on ICE steadied on Thursday following losses in the previous session, with investor attention turning to low exchange stockpiles that were partially caused by a dispute between industry and top producers Ivory Coast and Ghana.

Coffee and sugar closed up as the Brazilian currency reached the strongest level against the dollar since July, a movement that tends to reduce hedging from the world's largest producer of both commodities.