December 3, 2019 / 1:33 PM / 12 days ago

SOFTS-Raw sugar edges up, coffee hits 1 yr high

LONDON, Dec 3 (Reuters) - ICE raw sugar futures edged up on Tuesday as funds covered short positions but remained some way off last week’s nine month high, while arabica matched a one year peak hit the prior session.

SUGAR

* March raw sugar was up 0.05 cents, or 0.4%, at 12.80 cents per lb at 1306 GMT, having reversed course on Monday from a nine month peak of 13.01 cents hit on Friday.

* Speculators in ICE raw sugar cut their net short position by 15,007 contracts to 118,387 in week to Nov 26, data showed.

* Dealers said technical support was building around 12.75 cents, meaning prices could push back towards recent highs as funds cover short positions, although producer selling of excess stocks would cap the upside.

* Sucden Financial said in a note it expects raw sugar will continue to trade sideways with a test of 13 cents in the near term.

* “Market gossip has recently focussed more on Thai crop forecast revisions to the downside, sharp increases in domestic gasoline prices by Petrobras, flooding in EU beet areas and the sugar markets’ sailing against the macro winds,” it said.

* March white sugar rose $1.80, or 0.5%, to $344.10 a tonne.

COFFEE

* March arabica coffee was 1 cent, or 0.9%, higher at $1.2305 per lb, having matched Monday’s one-year high of $1.2320.

* Speculators in ICE arabica coffee reduced their net short position by 11,246 contracts to 7,592 in the week to Nov. 26, data showed.

* Arabica has been underpinned by the prospect of a global deficit in the 2019/20 season and by worries that dry conditions could curb Brazil’s 2020/21 crop.

* Rabobank said in a note that traders have been scrambling to get hold of available certified stocks.

* Honduran coffee exports rose 43.6% in November, coffee institute IHCAFE said, but added that it expects the country to export 3% less coffee overall this season.

* Costa Rican coffee exports slid 30% in November, marking 13 consecutive months of falls due in part to an outbreak of the tree-killing fungus roya.

* March robusta coffee rose $9, or 0.6%, to $1,419 per tonne.

COCOA

* March New York cocoa was up $5, or 0.2%, at $2,549 a tonne after hitting a three week low on Monday, extending a technically driven retreat from a 1-1/2 year high of $2,692 set in mid-November.

* Speculators in ICE New York cocoa increased their net long position by 3,210 contracts to 39,218 contracts in the week to Nov 26.

* Port arrivals in top grower Ivory Coast continued to run slightly behind last season’s pace, down about 2% between Oct. 1 and Dec. 1.

* Cocoa arrivals in Ghana are also running marginally behind last year.

* March London cocoa fell 2 pounds, or 0.1%, to 1,858 pounds a tonne.

Editing by Kirsten Donovan; Editing by Kirsten Donovan

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