November 6, 2018 / 11:37 AM / 7 days ago

SOFTS-Raw sugar futures edge higher, coffee, cocoa also rise

LONDON, Nov 6 (Reuters) - Raw sugar futures on ICE were slightly higher on Tuesday but continued to lack a clear overall trend while coffee and cocoa prices also edged up.

SUGAR

* March raw sugar was up 0.05 cents, or 0.4 percent, at 13.20 cents per lb by 1120 GMT.

* Dealers said the upside potential continued to be capped by plentiful supplies following a large global surplus in the 2017/18 season.

* But the market remained supported by diminishing outlooks for 2018/19 production, particularly in Brazil and the European Union.

* Sugar production in Britain is expected to fall to 1.05 million tonnes this season, down from the prior season’s 1.37 million, Associated British Foods (ABF) said on Tuesday.

* “The market’s momentum remains ambiguous,” Commonwealth Bank of Australia analyst Tobin Gorey said in a market note.

* December white sugar was up $2.70, or 0.8 percent, at $350.70 a tonne.

COFFEE

* January robusta coffee rose $6, or 0.4 percent, to $1,694 a tonne.

* Dealers said the market was awaiting further indications on production in top grower Vietnam where the harvest should start to gather pace in the next few days.

* Brazilian robusta coffee has been flowing into Europe - a market that traditionally does not consume it - with shipments in recent months fuelled by tight exchange supplies and a slump in the country’s currency, trade sources said.

* March arabica coffee was up 0.55 cents, or 0.45 percent, at $1.2160 per lb.

COCOA

* March London cocoa was up 1 pound, or 0.1 percent, at 1,709 pounds a tonne.

* A generally favourable outlook for production in Ivory Coast kept a lid on prices.

* Cocoa arrivals at ports in top producer Ivory Coast reached 327,000 tonnes between Oct. 1 and Nov. 4, exporters estimated on Monday, up about 46 percent from 224,000 tonnes in the same period last season.

* March New York cocoa rose $7, or 0.3 percent, to $2,342 a tonne. (Reporting by Nigel Hunt. Editing by Jane Merriman)

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