November 25, 2019 / 11:49 AM / 12 days ago

SOFTS-Raw sugar slips as funds pause short covering

LONDON, Nov 25 (Reuters) - ICE raw sugar prices reversed some of last week’s gains on Monday, as funds paused short covering amid signs of strong producer selling appetite.

Arabica coffee and cocoa prices also slipped.

SUGAR

* March raw sugar fell 0.06 cents, or 0.5%, to 12.77 cents per lb by 1125 GMT, having gained 0.8% last week.

* Speculators in ICE raw sugar trimmed their net short position by 39,600 contracts to 133,394 in the week to Nov 19, data showed.

* Dealers said prices were in the upper end of a recent range thanks to fund short covering. They said a break to the upside was now on the cards.

* Sugar is struggling to break out of a recent range as falling output in the current 2019/20 season is offset by producer selling of excess global stocks built up in the past few years.

* A Syrian state agency issued an international tender to purchase and import 80,000 tonnes of white refined sugar, European traders said.

* China imported 450,000 tonnes of sugar in October, up 37% from a year ago, customs data showed.

* March white sugar fell $0.30, or 0.1%, to $339.60 a tonne.

COFFEE

* March arabica coffee fell 0.3 cents, or 0.4%, to$1.1535 per lb, having hit a one-year high last week.

* Arabica supplies are tightening from recent record high levels, with a global deficit forecast for the 2019/20 season, an off-year in top producer Brazil’s biennial crop cycle.

* Speculators in ICE arabica coffee increased their net short position by 2,139 contracts to 18,838 in the week to Nov. 19, data showed.

* Certified arabica stocks KC-TOT-TOT on ICE futures U.S. are at their lowest in nearly a year and a half, having fallen sharply in the past few days.

* January robusta coffee rose $3, or 0.2%, to $1,405 a tonne.

COCOA

* March New York cocoa was down $9, or 0.3%, at $2,608 a tonne, having hit a 1-1/2 year high last week.

* Speculators in ICE New York cocoa raised their net long position by 14,716 contracts to 36,008 in the week to Nov 19, data showed.

* Cocoa prices have been boosted of late by a strengthening in nearby premiums in both New York CC-1=R and London cocoa LCC-1=R, indicating tight nearby supply.

* The outlook for production in top grower Ivory Coast remains favourable.

* March London cocoa was down 6 pounds, or 0.3%, at 1,912 pounds a tonne, having hit a 1-1/2 year high the week before last. (Reporting by Maytaal Angel; Editing by Edmund Blair)

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