April 18, 2019 / 5:41 PM / 5 months ago

SOFTS-Arabica coffee rebounds, raw sugar climbs

 (Recasts, updates prices, adds market activity, comments, ICE
data, adds NEW YORK to dateline)
    NEW YORK/LONDON, April 18 (Reuters) - Arabica coffee futures
on ICE rebounded on Thursday, erasing losses from the previous
session when the contract hit a 13-1/2-year-low, while raw sugar
prices also rose. 
    London cocoa, robusta coffee and white sugar futures will be
closed on Friday and Monday for the Easter holidays.
    New York cocoa, arabica coffee and raw sugar futures will be
closed on Friday but open on Monday.
        
    COFFEE
    * July arabica coffee        settled up 3.25 cents, or 3.6
percent, at 92.90 cents per lb. 
    * The contract rose in a corrective bounce after nearing
technically oversold levels on Wednesday on the relative
strength index, dealers said. 
    * The second month contract plunged on Wednesday to a
13-1/2-year-low of 89 cents.
    * Speculators were trimming a large net short position,
dealers said. 
    * Total open interest fell on Wednesday for the fourth
straight session to a four-week low of 337,328 lots, ICE data
show. 
    * The price recovery may not be sustained, however, due to
continued oversupply, dealers said. 
    * On the week, the contract was little changed. 
    * July robusta coffee         settled up $4, or 0.3 percent,
at $1,416 per tonne. On the week, the contract fell 0.1 percent.
    * Coffee trading has been slow this week in Vietnam due to
weak prices, while elections in Indonesia saw traders keep to
the sidelines.             
    
    SUGAR
    * May raw sugar        settled up 0.41 cents, or 3.3
percent, at 12.76 cents per lb, after peaking at 12.79 cents,
recouping this week's losses.  
    * Still, prices remained within their recent range, with
dealers watching 12.87, the March 18 high, as resistance. 
    * The contract was little changed on the week, falling less
than 0.1 percent.  
    * August white sugar         settled up $6.30, or 1.9
percent, at $338.70 per tonne.
    

    COCOA
    * July New York cocoa        settled down $31, or 1.3
percent, at $2,372 per tonne. The contract fell 1.2 percent on
the week. 
    * July London cocoa         settled down 19 pounds, or 1.07
percent, at 1,764 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.                         
    * Ivory Coast cocoa grinders processed 224,000 tonnes of
beans from Oct. 1 to Feb. 28, a seven percent increase year on
year, exporters' association data showed.             
    * Grindings data for North America is expected to be issued
later on Thursday.

 (Reporting by Ayenat Mersie in New York and Nigel Hunt in
London; editing by Susan Thomas)
  
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