April 18, 2019 / 12:06 PM / a month ago

SOFTS-Arabica coffee edges up, London cocoa sets 3-1/2 month high

LONDON, April 18 (Reuters) - Arabica coffee futures on ICE were slightly higher on Thursday, with prices hovering just above the prior session’s 13-1/2 year low, while London cocoa touched a 3-1/2 month high.

COFFEE

* July arabica coffee rose 0.6 cents, or 0.7 percent, to 90.25 cents per lb by 1154 GMT. The second position slid to a low of 89.00 cents on Wednesday, its weakest since Sept 2005.

* Dealers said the market remained oversupplied following last year’s huge crop in Brazil, while the prospects for this year’s harvest in the world’s top grower remains generally favourable.

* Renewed weakness in Brazil’s real currency has also exerted downward pressure on prices.

* “The fact that the Brazilian real is now weaker again is the last straw because it makes Brazilian coffee exports cheaper, providing an incentive for additional exports,” Commerzbank said in a market note.

* July robusta coffee fell $5, or 0.35 percent, to $1,426 a tonne.

* Coffee trading has been slow this week in Vietnam due to weak prices, while elections in Indonesia saw traders keep to the sidelines.

COCOA

* July London cocoa fell 2 pounds, or 0.1 percent, to 1,781 pounds per tonne after earlier climbing to a 3-1/2 month high of 1,786 pounds.

* Dealers said the market looked set to consolidate in the short term after the recent advance, with prices underpinned by strong first-quarter grindings data this week from Asia and Europe.

* Grindings data for North America is expected to be issued later on Thursday.

* July New York cocoa was down $4, or 0.2 percent, at $2,399 per tonne.

SUGAR

* May raw sugar rose 0.04 cents, or 0.3 percent, to 12.39 cents per lb.

* Dealers said the market remained underpinned by strength in energy markets, although the recent weakness of Brazil’s real currency had been a bearish influence this week.

* August white sugar was up $2.60, or 0.8 percent, at $335.00 a tonne. (Reporting by Nigel Hunt; Editing by Jan Harvey)

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