December 3, 2019 / 10:44 PM / 11 days ago

SOFTS-Raw sugar rises, remains below nine-month peak, coffee hits year high

(Recasts, updates prices, adds details)

NEW YORK/LONDON, Dec 3 (Reuters) - ICE raw sugar futures rose on Tuesday, heading towards a recent nine-month peak as funds covered short positions amid tightening supplies, while arabica hit a one year high.

SUGAR

* March raw sugar settled up 0.11 cent, or 0.9%percent, at 12.86 cents per lb, having hit a nine month peak of 13.01 on Friday.

* Mills in India, a top sugar producer, churned out 1.9 million tonnes of sugar between Oct. 1 and Nov. 30, down nearly 54 percent from a year earlier.

* The real strengthened, lowering the value of dollar-priced sugar in local currency terms and discouraging Brazilian producer selling.

* Dealers said technical support was building around 12.75 cents, meaning prices could push back towards recent highs as funds cover short positions, although producer selling would cap the upside.

* March white sugar settled up $2.3, or 0.7%, at $344.6 per tonne.

COFFEE

* March arabica coffee settled up 1.8 cent, or 1.48 percent, at $1.238 per lb, having touched a one-year high of $1.2475 as the real strengthened.

* Speculators in ICE arabica coffee reduced their net short position by 11,246 contracts to 7,592 in the week to Nov. 26.

* Arabica has been underpinned by the prospect of a deficit in 2019/20 and by worries that dry conditions could curb Brazil’s 2020/21 crop.

* Rabobank said traders had been scrambling to get hold of available certified stocks.

* Honduran coffee exports rose 43.6% in November, coffee institute IHCAFE said, but added it expected the country to export 3% less coffee overall this season.

* Costa Rican coffee exports slid 30% in November, marking 13 consecutive months of falls.

* March robusta coffee settled up $2, or 0.2%, at $1,412 per tonne.

COCOA

* March New York cocoa settled up $21, or 0.8%, at $2,565 per tonne.

* March cocoa is steadying after hitting a three week low on Monday in a technically driven retreat from a 1-1/2 year high set in mid-November.

* Speculators in ICE New York cocoa increased their net long position by 3,210 contracts to 39,218 contracts in the week to Nov 26.

* Port arrivals in both Ivory Coast and Ghana continue to run slightly behind last season’s pace.

* March London cocoa settled up 1 pounds, or 0.1%, at 1,861 pounds per tonne. (Reporting by Maytaal Angel; additional reporting by Jessica Resnick-Ault; Editing by Mark Potter and Grant McCool)

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