February 27, 2019 / 1:33 PM / 3 months ago

SOFTS-Arabica coffee rebounds from five-month low; sugar, cocoa also rise

(Recasts throughout; updates prices, adds market activity, comments, changes dateline to NEW YORK)

NEW YORK/LONDON, Feb 27 (Reuters) - Arabica coffee futures on ICE rebounded on Wednesday after plunging to a five-month low the previous session, while sugar and cocoa also rose.

COFFEE

* May arabica coffee settled up 2.15 cent, or 2.2 percent, at 98.95 cents per lb, supported by a stronger currency in top-grower Brazil and erasing more than half of the previous session’s steep losses.

* On Tuesday, the contract plunged to a five-month low of 96.35 cents and approached technically oversold levels on the relative strength index.

* Dealers said Wednesday’s bounce would likely prove short lived given continued oversupply.

* Prices have been pressured by plentiful supplies following a record-large crop last year in top grower Brazil. Improving, wetter weather conditions in the country have bolstered the outlook for the current crop, too.

* Dry weather conditions in December and January had put a slight bid in the market, dealers have said. That same dry weather is prompting an earlier-than-normal start to the harvest and could impact production, farm cooperative Cooxupé said.

* Colombia will look into selling its coffee at a price which covers production costs, without being tied to the New York market price.

* May robusta coffee settled up $10, or 0.7 percent, at $1,548 per tonne.

SUGAR

* May raw sugar settled up 0.12 cent, or 0.9 percent, at 12.97 cents per lb after trading within the previous session’s range.

* Futures have been largely rangebound ahead of the expiry of the March contract on Thursday. Dealers were anticipating a mix of Brazilian, Indian, Central American, and Thai sugar in the delivery.

* The Brazilian government asked the World Trade Organization to start a consultation regarding India’s sugar industry subsidies, which the South American country says is distorting global trade.

* May white sugar settled up $2.80, or 0.8 percent, at $350.60 per tonne.

* Morocco’s Cosumar will start sugar production at its 850,000 tonne per year refinery in Saudi Arabia before the end of 2019.

COCOA

* May London cocoa settled up 10 pounds, or 0.6 percent, at 1,719 pounds per tonne.

* May New York cocoa settled up $37, or 1.6 percent, at $2,313 per tonne.

* Cocoa arrivals at ports in top grower Ivory Coast have been revised up to 1.115 million tonnes between Oct. 1 and Dec. 31, CCC data showed, up from a previous estimate of 1.065 million tonnes.

* Ivorian cocoa bean exports reached 768,307 tonnes between Oct. 1 and Dec. 31, data from the Coffee and Cocoa Council (CCC) showed, up about 21.5 percent year on year. (Reporting by Ayenat Mersie in New York Additional reporting by Maytaal Angel in London Editing by Susan Thomas)

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