July 12, 2019 / 12:36 PM / 3 months ago

SOFTS-Arabica coffee prices ease, raw sugar also weakens

LONDON, July 12 (Reuters) - Arabica coffee futures on ICE eased on Friday, with the outlook for Brazil’s 2020 crop remaining favourable despite last weekend’s frost, while raw sugar prices also fell.

COFFEE

* September arabica coffee was down 0.4 cents, or 0.4%, at $1.0655 per lb by 1212 GMT.

* Dealers said the market had stabilised after falling sharply early this week.

* Prices were underpinned by this week’s strengthening in Brazil’s real currency. A stronger real tends to discourage selling by Brazilian producers.

* The market touched a seven-month peak of $1.1565 last Friday on fears over forecast frost in top producer Brazil over the weekend but then fell back as early assessments suggested that there had been only minor crop damage.

* September robusta coffee rose $1, or 0.1%, to $1,428 a tonne.

* Vietnam, the world’s top robusta producer, exported 142,448 tonnes, or 2.37 million 60kg bags, of coffee in June, customs data showed on Friday. That was down 2.6% from May.

COCOA

* September London cocoa rose 7 pounds, or 0.4%, to 1,861 pounds a tonne.

* Dealers said that Europe’s second-quarter grind on Tuesday is likely to indicate whether demand remains strong after a 3.3 percent rise in the first quarter.

* The expiry of the July contract on Tuesday will also provide a focus next week. The front month was trading at a discount to September of about 90 pounds on Friday, down from about 97 pounds at Thursday’s close.

* September New York cocoa fell $4, or 0.2%, to $2,487 a tonne.

SUGAR

* October raw sugar was down 0.05 cents, or 0.4%, at 12.33 cents per lb.

* Dealers said that ample nearby supplies continued to keep a lid on the market.

* August white sugar fell $4.70, or 1.5%, to $313 a tonne.

* The Brazilian government on Thursday said it had asked the World Trade Organization to establish a panel aimed at resolving its dispute over Indian sugar subsidies. (Reporting by Nigel Hunt Editing by David Goodman )

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