SOFTS-Arabica coffee corrects after rally, sugar steadies
* Cocoa trade eyes next week's European grind data
* Specs raised net short position in arabica
By David Brough
LONDON, April 7 (Reuters) - Arabica coffee futures corrected lower on Tuesday after rallying more than 4 percent to a six-week high in the prior session, while sugar steadied and New York cocoa eased pressured by a stronger dollar.
The arabica market failed to attract follow-through buying after the rally on Monday, spurred by a firming Brazilian currency, when the London robusta market remained shut for the long holiday weekend.
"London's inability to rally is weighing on New York arabicas," one London-based broker said.
May arabica traded down 2.2 cents, or 1.5 percent, at $1.4400 per lb at 1100 GMT, having risen on Monday to $1.4735, the highest for the spot contract since Feb. 23.
Speculators increased their net short position in arabica futures and options to the biggest since February 2014.
London May robusta coffee futures were up $22 or 1.2 percent to $1,800 per tonne. Continuación...