July 19, 2019 / 11:51 AM / a month ago

SOFTS-Raw sugar edges up as Brazil's currency strengthens

LONDON, July 19 (Reuters) - Raw sugar futures on ICE edged higher on Friday with the market boosted partly by the strength of Brazil’s real currency while cocoa prices also advanced following a rise in second quarter grindings in both Asia and North America.

SUGAR

* October raw sugar was up 0.06 cents, or 0.5% at 11.62 cents per lb at 1113 GMT, edging away from an eight-week low of 11.53 cents set on Thursday.

* Dealers said the recent strength of Brazil’s real was a supportive factor. The currency rose on Thursday to its strongest level since Feb. 28.

* A strong real can deter producer selling, making dollar denominated prices less attractive in local currency terms.

* Concerns about weak demand in Asia and potential exports in India have helped to drive sugar prices down during the last few days.

* Dealers said weekly CFTC data, to be issued later on Friday, is expected to show an increase in the speculative net short position.

* The data shows the position at the close of business on Tuesday and a further increase in the net short is believed to have taken place in subsequent trading.

* October white sugar was up $2.70, or 0.9%, at $315.30 a tonne.

COCOA

* September New York cocoa was up $26, or 1.1%, at $2,466 a tonne.

* Dealers said the market derived support from strong grindings data from Asia and North America.

* Asia’s second quarter cocoa grind rose 16.3 percent in the second quarter to a record high, the Cocoa Association of Asia said on Friday.

* The North American Q2 grind rose 3.7 percent.

* September London cocoa rose 9 pounds, or 0.5%, to 1,842 pounds a tonne.

COFFEE

* September arabica coffee was up 0.15 cents, or 0.1%, at $1.0875 per lb.

* September robusta coffee rose $1, or 0.1%, at $1,428 a tonne. (Reporting by Nigel Hunt; Editing by Kirsten Donovan)

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