SOFTS-Sugar, cocoa dip on firm dollar; coffee bucks trend to rise

jueves 9 de abril de 2015 14:24 GYT

* Spot raw sugar spread premium shrinks

* Cocoa trade focused on next week's grind data

* Latest Brazil coffee crop forecast viewed as bullish (Recasts, updates trading, adds comments, byline, NEW YORK dateline)

By Marcy Nicholson and David Brough

NEW YORK/LONDON, April 9 (Reuters) - Raw sugar and cocoa futures dipped under pressure from a stronger dollar on Thursday, while arabica coffee defied the session's weak trend and rose on a crop forecast for top grower Brazil that was viewed as bullish.

Volume was heavy in all ICE Futures U.S. soft commodities on the second day of the index roll, which buoyed May/July spread activity.

Raw sugar futures fell on currency pressure as the U.S. dollar rallied more than 1 percent. The May/July spread SB-1=R initially extended gains and rose to a 0.14-cent premium, the highest since Feb. 27, but then turned lower as market participants holding short positions rolled into the July contract, traders said.

May raw sugar futures on ICE closed down 0.17 cent, or 1.3 percent, at 12.80 cents a lb.

"A lot of short covering happened yesterday so there is a lack of buying today," said Nick Gentile, managing partner of commodity trading advisor NickJen Capital in New York.   Continuación...