SOFTS-Coffee climbs towards 2-year peak, sugar slips

lunes 10 de marzo de 2014 07:54 GYT

* Robusta coffee hit 1-year high on physical demand

* Speculators switch to large net long in ICE raw sugar

* Cocoa underpinned by expected global deficit in 2013/14

By Nigel Hunt

LONDON, March 10 (Reuters) - Coffee prices rose on Monday towards last week's two-year high as dry weather in Brazil raised the prospect of a global deficit in 2014/15 and potentially the following season as well.

Sugar prices fell, with the recent run-up seen overdone given more than ample supplies while cocoa was little changed, holding just below last month's 2-1/2 year high.

Arabica coffee prices on ICE have surged around 80 percent since the start of this year, boosted by concerns that dry weather in top grower Brazil would cut the size of the 2014/15 crops and could also curtail production in 2015/16.

A Reuters poll published on Friday indicated the dry weather had cut forecasts for Brazil's coffee crop in 2014/15 by more than 10 percent, with a median result of 48.9 million (60-kg) bags.

May arabica futures were 2.45 cents, or 1.2 percent, higher at $1.9930 per lb as of 1135 GMT. The contract peaked at $2.0410 per lb on Wednesday, its highest level since March 2012.   Continuación...