11 de septiembre de 2017 / 11:58 / en 2 meses

SOFTS-Raw sugar slips on firmer dollar, weaker charts

LONDON, Sept 11 (Reuters) - Raw sugar futures prices fell on Monday, pressured by technical weakness and a stronger dollar against a backdrop of ample supplies expected in the coming season, while coffee prices firmed and cocoa slipped.

SUGAR

* The October raw sugar contract was down 0.14 cents, or 1 percent, at 13.95 cents per lb by 1132 GMT.

* Prices posted gains last week on the back of weather concerns and a stronger Brazilian real but a close below the 40-day moving average had weakened the technical pricing structure, dealers said.

* A stronger dollar also pressured on Monday, as the currency rebounded after posting its biggest weekly drop in two months.

* Meanwhile, a global surplus expected for the 2017/18 season continued to dampen sentiment amid fresh signs of a large crop in the European Union, which is scrapping its sugar regime at the end of the month.

* Britain is seen producing over 1.4 million tonnes of beet sugar in the 2017/18 season, up from 900,000 tonnes in the current season, Associated British Foods said in a trading statement on Monday.

* This comes as Tereos said last week it expected to process up to 30 percent more sugar beet from last year’s volume.

* October white sugar fell $1.70, or 0.5 percent, to $372.60 a tonne.

* The premium for October white sugar over the equivalent raws contract has crumbled to roughly $64 in recent days, from $90 in April.

* “Here is perhaps the sign of how heavy supply might eventually overwhelm the market,” said Tobin Gorey of the Commonwealth Bank of Australia. “Few refiners are going to buy a lot of raws for refining at those premiums.”

COFFEE

* November robusta coffee was up $13, or 0.7 percent, at $1,973 a tonne.

* The September contract, which is in a delivery period, rose $18, or 0.9 percent to $1,997 a tonne.

* Speculators cut their net long position in robusta coffee by 10,398 lots to 10,279 lots in the week to September 5, exchange data showed on Monday.

* December arabica coffee rose 0.95 cents, or 0.73 percent, to $1.3160 per lb.

COCOA

* December London cocoa was down 11 pounds, or 0.7 percent, at 1,466 pounds a tonne, partly pressured by the pound.

* December New York cocoa fell $13, or 0.7 percent, to $1,920 a tonne, in tandem with London. (Reporting by Ana Ionova; Editing by Greg Mahlich)

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