July 9, 2019 / 7:37 PM / in 5 months

SOFTS-Arabica coffee prices climb, cocoa falls

 (Updates prices and market activity; adds comments, NEW YORK to
dateline)
    NEW YORK/LONDON, July 9 (Reuters) - Arabica coffee futures
on ICE climbed on Tuesday, regaining some ground following steep
losses in the previous session as dealers were still evaluating
the impact of last weekend's frost in top-grower Brazil, while
cocoa prices fell from one-year highs.
            
    COFFEE
    * September arabica coffee        settled up 1.05 cent, or
1%, at $1.0745 per lb after shedding more than 4% in the
previous session .
    * The market was still processing last weekend's
crop-damaging frost in Brazil, with some traders seeing the
impact as minimal, while others were still uncertain about its
impact and awaiting more information from growers. 
    * Brazil's Cooxupe, the world's largest coffee cooperative,
said it would release a report on Wednesday with its initial
evaluation of frosts reported in coffee regions over the
weekend.               
    * The market had touched a seven-month peak of $1.1565 on
Friday in anticipation of the frost. 
    * Still, market fundamentals remained bearish, dealers said,
with global consumption rising but not fast enough to absorb
increased production in recent years, particularly in Brazil.
    * "The rise (in consumption) is still only small and the
ample availability of coffee in the coming months is likely to
keep bearish sentiment alive for the time being," said Stefan
Uhlenbrock, senior commodity analyst at IHS Markit's
Agribusiness Intelligence.
    * September robusta coffee         settled up $10, or 0.7%,
at $1,436 per tonne.    
       
    COCOA
    * September New York cocoa        settled down $55, or 2.1%,
at $2,522 per tonne, after touching a one-year high of $2,589 in
the previous session.
    * September London cocoa         settled down 38 pounds, or
2%, at 1,897 pounds per tonne, retreating from Monday's more
than one-year high of 1,939 pounds.
    * Dealers awaited clarity on a plan by top producers Ivory
Coast and Ghana to implement a $2,600 per tonne price floor for
their beans.             
            
    SUGAR
    * October raw sugar        settled down 0.1 cent, or 0.8%,
at 12.35 cents per lb.
    * Dealers said any damage to cane from weekend frosts in
Brazil was likely to be minor although a clearer assessment was
expected towards the end of this week.
    * August white sugar         settled down $2.20, or 0.7%,
at$319.30 a tonne. Prices earlier dipped to $318.20, within
striking distance of the 2019 low of $318.10 set in May. 
    * Indonesia will cut tariffs on sugar from India as part of
efforts to help facilitate imports of the sweetener, Indonesia's
trade minister told his counterpart in New Delhi, the Indian
government said in a statement on Tuesday.             

 (Reporting by Ayenat Mersie in New York and Nigel Hunt in
London; editing by Edmund Blair and Grant McCool)
  
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