Citi remains bullish on sugar, bearish on coffee, moves to neutral on cocoa

• Citi moved to neutral on cocoa futures CCc1, keeping price targets of $5,000/ton in three months and $6,000/ton in 12 months. New York cocoa closed on Tuesday at $5,520.
• It said it wants to see evidence of El Niño-related crop damages and stronger cocoa demand indicators before any changes to its views.

• The bank said it remained bearish on arabica coffee KCc1 but raised its price targets to $2.50/lb in three months and $2.25/lb in 12 months. Arabica closed on Tuesday at $3.2455.
• It said the supply outlook remains positive for coffee, particularly with a near-record Brazil crop.

The commodities research team at U.S. bank Citi said on Tuesday it remained bullish on sugar and bearish on coffee while moving to neutral on cocoa futures.

• Citi kept its price targets for ICE raw sugar futures SBc1 at 17 cents/lb in three months and in 12 months. Sugar closed on Tuesday at .