June 9, 2020 / 11:30 AM / a month ago

SOFTS-Raw sugar prices ease, arabica coffee also lower

LONDON, June 9 (Reuters) - Raw sugar futures on ICE were slightly lower on Tuesday, retreating further from the prior session’s near three-month high, weighed partly by weakness in the crude oil market.

SUGAR

* July raw sugar was down 0.03 cent, or 0.25%, at 11.91 cents per lb at 1117 GMT, after peaking at 12.27 cents on Monday, the highest for the front month since March 11.

* Dealers said the recent run-up had been driven by strength in global equities and energy markets, while a long line-up of shipping waiting to load in Brazil was also seen as supportive.

* “The lengthening ship queue at Brazil’s main sugar ports is evidence that the near-term demand is real ... it is also evidence of precisely the supply-chain problems that many fear from the COVID-19 epidemic,” Commonwealth Bank of Australia analyst Tobin Gorey said in a note.

* August white sugar rose $0.40, or 0.1%, to $387.70 a tonne.

COFFEE

* July arabica coffee fell 0.25 cents, or 0.25%, to 98.65 cents per lb.

* July arabica coffee looks neutral in a narrow range of $0.9850-$1.0025 per lb, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.

* July robusta coffee rose $1, or 0.1%, to $1,251 a tonne.

COCOA

* July New York cocoa was up $4, or 0.2%, at $2,417 a tonne.

* Dealers said dry weather in top grower Ivory Coast was providing some support to the market, although the impact was offset by concerns about weak demand.

* July London cocoa fell 2 pounds, or 0.1%, to 1,847 pounds a tonne​. (Reporting by Nigel Hunt; Editing by Mark Potter)

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