May 21, 2020 / 11:08 AM / in 8 days

SOFTS-Raw sugar rises as crude oil extends rebound

LONDON, May 21 (Reuters) - Raw sugar futures on ICE were higher on Thursday, boosted by further gains in crude oil prices and potential disruption to supplies from top exporter Brazil as the country’s COVID-19 outbreak worsens.

SUGAR

* July raw sugar was up 0.09 cents, or 0.8%, at 11.28 cents per lb by 1057 GMT.

* Dealers noted the July contract had moved to a premium to October LSU-1=R during the recent uptick in prices, indicating some concern about near-term supplies.

* “The rally... suggests the market is placing a greater value on having access to supply. Brazil’s handling of the COVID-19 epidemic is part of this worry,” Commonwealth Bank of Australia Agri Commodities Strategist Tobin Gorey said.

* August white sugar was up $2.70, or 0.7%, at $369.50 per tonne.

COFFEE

* July arabica coffee rose 0.30 cents, or 0.3%, to $1.0595 per lb.

* The situation in Brazil, the top arabica producer, was also a major focus in coffee.

* “The key risk continues to be a disruption in the Brazilian harvest, which will coincide with the projected peak in (COVID-19) infections in Brazil,” Rabobank said in a report.

* July robusta coffee was down $7, or 0.6%, at $1,179 a tonne.

* Vietnam’s domestic coffee prices inched higher on Thursday compared with last week as supplies tightened after farmers refrained from selling the bean on hopes that the re-opening of economies could boost prices further.

COCOA

* July New York cocoa was down $1, or 0.04%, at $2,400 a tonne.

* July London cocoa rose 5 pounds, or 0.3%, to 1,963 pounds a tonne​. (Reporting by Nigel Hunt; Editing by Jan Harvey)

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