May 14, 2020 / 12:05 PM / 14 days ago

SOFTS-Raw sugar prices climb, buoyed by crude oil gains

LONDON, May 14 (Reuters) - Raw sugar futures on ICE rose sharply on Thursday, as gains in crude oil helped to trigger short covering, while arabica coffee and cocoa prices edged higher.

SUGAR

* July raw sugar rose 0.27 cents, or 2.6%, to 10.53 cents per lb by 1156 GMT.

* Dealers said the market appeared to be building a base after holding above 10 cents for the last couple of weeks, restoring some confidence and prompting short covering.

* Oil prices rose on Thursday after a drop in U.S. crude stocks and have been ticking up in the last two weeks as some countries relaxed coronavirus restrictions and lockdowns to allow factories and shops to reopen.

* August white sugar was up $7.90, or 2.3%, at $352.70 per tonne.

COFFEE

* July arabica coffee rose 0.55 cents, or 0.5%, to $1.0560 per lb.

* Dealers were continuing to keep a close watch on possible harvest delays in South America although the recent weakness of Brazil’s currency and the prospect of a large crop in the world’s top producer remained bearish influences.

* July robusta coffee was up $16, or 1.4%, to $1,163 a tonne.

* Vietnamese coffee prices fell this week, tracking weakness in London prices, while trade in Indonesia was quiet as market participants waited for new harvest, traders said on Thursday.

COCOA

* July New York cocoa was up $1, or 0.04%, at $2,457 a tonne.

* July London cocoa rose 12 pounds, or 0.6%, to 1,982 pounds a tonne​.

* A total of 20,330 tonnes of cocoa was tendered against the ICE May London cocoa contract, exchange data showed on Thursday. (Reporting by Nigel Hunt; Editing by Bernadette Baum)

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