Sugar and cocoa futures tumble

Sugar and cocoa futures have taken a tumble on the commodities markets today (September 18th).

Dealers have been concerned over reforms in Ivory Coast – a top producer of the foodstuff – as well as the fact recent violence in the country may affect yields and shipments.

Furthermore, cooler temperatures in West Africa – which is the world's largest bean-producing region – could damage crops.

ICE December Cocoa Futures sank $46 or 2.2 per cent per metric tonne to a value of $2538.00 at 14:40 BST, while Euronext LIFFE Cocoa Futures were down 1.4 per cent to £1640 per metric tonne, a loss of £23.

Sugar has been on the decline with the Association of Sugar Cane Growers of Colombia reporting that refined sugar prices in Colombia decreased by 17 per cent this year, Bloomberg reports.

The average price of a sack of the commodity last month was $43.92 compared with $52.80 in December 2011.

White Sugar Futures also slipped 1.2 per cent to $566.80 metric tonnes this afternoon.

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