November 26, 2019 / 12:11 PM / 16 days ago

SOFTS-Arabica coffee slips after matching 1-year high; sugar gains

LONDON, Nov 26 (Reuters) - ICE arabica coffee futures slipped on Tuesday after matching a one-year high on tightening supplies, while raw sugar edged up as funds resumed covering short positions.

COFFEE

* March arabica coffee futures were down 0.3 cent, or 0.2%, at $1.1865 per lb at 1137 GMT after hitting Monday’s one-year peak of $1.1905.

* Arabica is benefiting from declines in ICE certified stocks, which are near their lowest in nearly a year and a half, and from technically-driven buying after recent strong gains.

* A global deficit is widely forecast in the 2019/20 season, an off-year in top producer Brazil’s biennial crop cycle.

* January robusta rose $6, or 0.4%, to $1,442 a tonne.

* Uganda’s coffee exports rose 7.8% in October from a year earlier, helped by higher yields from robusta trees, the regulator UCDA said.

SUGAR

* March raw sugar rose 0.04 cent, or 0.3%, to 12.85 cents per lb, edging back towards Thursday’s one-week peak of 12.91.

* Fund short-covering has provided support in the past few days, though producer selling is keeping a cap on gains.

* Dealers said many are now questioning whether the market can break above 13 cents, particularly if the Brazilian real continues to weaken.

* A weak real raises the value of dollar-priced sugar in local currency terms, tempting producers to sell.

* March white sugar rose $1.40, or 0.4%, to $343.80 a tonne.

COCOA

* March New York cocoa was up $13, or 0.5%, at $2,611 a tonne, having closed last week down 0.5% after touching a 1-1/2 year high.

* Cocoa arrivals at ports in top grower Ivory Coast reached 607,000 tonnes between Oct. 1 and Nov. 24, exporters estimated, down 2.9% from the same period last season.

* 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.

* Below-average rainfall mixed with sunny spells in most Ivorian cocoa regions last week has helped growing conditions, though more rains will be needed next month as temperatures rise.

* March London cocoa was up 6 pounds, or 0.3%, at 1,920 a tonne, helped by a weaker British currency. (Editing by David Evans)

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