* Arabica open interest at record high above 207,000 lots
* Raw sugar falls on abundant global supplies -traders
* London markets closed for Easter Monday
By Marcy Nicholson
NEW YORK, April 6 (Reuters) - Arabica coffee futures on ICE soared more than 4 percent to a six-week high on Monday, rising for a fourth straight session in heavy volume, lifted by Brazil’s firming currency, active May/July spreading and chart-based buying.
Raw sugar turned lower on abundant global supplies after marking the biggest two-day rally in nine months. New York cocoa futures rose on short-covering, rising for a fourth straight session.
The ICE Futures U.S. softs markets opened late on Monday after being shut for the Good Friday holiday. ICE Futures Europe softs market will reopen on Tuesday after the Easter long weekend.
Arabica coffee futures were buoyed by Brazil’s firming currency and chart-based buying above $1.45 per lb, the March high, traders said.
Arabica May was up 5.85 cents, or 4.2 percent, at $1.4675 per lb at 12:21 p.m. EDT (1621 GMT), after rising to $1.4735, the highest for the spot contract since Feb. 23. Total open interest jumped to a record high at 207,254 lots on April 2, exchange data showed.
The May/July KC-1=R spread, which was heavily traded amid the index roll, narrowed to a 2.43-cent discount, the smallest since March 10.
Speculators increased their net short position in arabica futures and options to the biggest since February 2014.
May raw sugar futures on ICE dropped by 0.2 cent, or 1.6 percent, to 12.54 cents a lb, ignoring Brazil’s firmer currency and pressured by abundant global supplies, traders said.
“You still have supply from India and Thailand, and with recent rains, the crop in Brazil might not be that bad,” said Bruno Lima, manager for sugar and ethanol at INTL FCStone in Campinas, Brazil.
New York May cocoa futures settled up $32, or 1.2 percent, at $2,800 a tonne. (Editing by Peter Galloway)