SOFTS-Sugar hits 3-week high, arabicas firm

miércoles 8 de abril de 2015 07:51 GYT

* Rise in coffee stocks at European ports as of January

* Cocoa trade eyes next week's grind data

By David Brough

LONDON, April 8 (Reuters) - Raw sugar futures hit a three-week peak on ICE on Wednesday on talk that that nearby supplies may be tightening, while arabica coffee and New York cocoa edged up in light volumes on a weaker dollar.

ICE raw sugar futures hit a session high of 12.95 cents a lb, the highest since March 18 basis front month, on concerns over limited supplies before the start of the cane harvest in centre-south Brazil this month.

Dollar weakness against a basket of currencies boosted the dollar-denominated softs complex, as positions in sugar, coffee and cocoa became cheaper in terms of other currencies.

"There is tighter availability for prompt shipment, and we're seeing more short covering," said Tracey Allen, commodity analyst with Rabobank.

Rains in major cane-growing areas in Brazil could delay the start of harvesting in some areas by around a week, she added.

May raw sugar futures on ICE traded up 0.15 cent, or 1.2 percent, at 12.92 cents a lb at 1123 GMT.   Continuación...