June 4, 2020 / 12:36 PM / a month ago

SOFTS-Raw sugar retreats from 2-1/2 month peak, coffee also down

LONDON, June 4 (Reuters) - Raw sugar futures on ICE fell back on Thursday, after earlier rising to the highest level in more than two months, weakened by a drop in crude oil prices.

SUGAR

* July raw sugar was down 0.11 cents, or 0.95%, at 11.51 cents per lb by 1221 GMT after peaking at 11.65 cents, the highest level for the front month since March 25.

* Dealers noted global equity markets had also paused for breath after a recent rally.

* Weak demand linked to stay-at-home measures to slow the spread of the novel coronavirus and rising production in Brazil could help cap the rebound in sugar prices.

* Broker INTL FCStone said on Wednesday it saw the global market moving into surplus in 2020/21 after also cut its estimate for the size of the deficit in 2019/20.

* August white sugar was up $3.20, or 0.85%, at $378.80 a tonne.

* Dealers said white sugar supplies were tight partly due to a decline in production in Thailand this year.

COFFEE

* July robusta coffee was down $3, or 0.25%, at $1,199 a tonne.

* Vietnam’s domestic coffee prices remained flat from a week earlier, with supplies from farmers running low, while Indonesian premiums widened to compensate for weaker dollar against the rupiah.

* July arabica coffee fell 1.45 cents, or 1.5%, to 97.65 cents per lb.

* Dealers noted a weakening in Brazil’s real helped to weigh on prices. A recent strengthening of the currency had been a supportive factor earlier this week.

COCOA

* July New York cocoa was up $13, or 0.5%, at $2,408 a tonne.

* July London cocoa fell 3 pounds, or 0.2%, to 1,910 pounds a tonne​. (Reporting by Nigel Hunt; editing by David Evans)

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