June 12, 2020 / 11:09 AM / a month ago

REFILE-SOFTS-ICE raw sugar prices fall; coffee, cocoa recover

(Refiles to simplify lede)

LONDON, June 12 (Reuters) - Raw sugar prices on ICE hit a one-week low on Friday on worries about demand, as global shares and oil tumbled on growing concerns that a resurgence of coronavirus infections could put more pressure on the global economy.

Falling energy prices tend to prompt cane mills in top producer Brazil to ramp up sugar output at the expense of cane-based ethanol fuel.

Coffee and cocoa recovered meanwhile.

SUGAR

* July raw sugar ​​slipped 0.06 cents, or 0.5%, to 11.88 cents per lb at 1037 GMT​​, having hit a low of 11.60.

* Dealers said escalating concerns about the economic outlook were always likely to prompt a drop in sugar, but added the market will likely try to consolidate in a range between 11.50 and 12.40.

* The United States’ sugar imports are projected at 3.09 million short tonnes in 2020-21, official forecasts showed on Thursday, 10.4% less than seen a month ago. U.S. output is seen rising 12% in 2020-21, unchanged from last month’s forecast.

* Dry spring weather and early pest attacks have hurt sugar beet crops in the European Union where farmers discouraged by low returns had already reduced sowings, but good summer weather could limit losses.

* August white sugar fell $1.60, or 0.4%, to $386 a tonne.

COFFEE

* September arabica coffee rose 0.9 cents, or 0.9%, to 98.55 cents per lb​​, having hit an eight-month low on Thursday.

* Signs are emerging that demand for pricey arabica beans is faltering just as top producer Brazil looks set for another record crop.

* September robusta coffee rose $13, or 1.1%, to $1,240 a tonne.

COCOA

* September London cocoa rose 4 pounds, or 0.2%, to 1,729 pounds per tonne, having hit a nine-month low on Thursday​.

* Dealers cited escalating fears over the impact of the coronavirus pandemic on demand, and noted the longstanding backwardated or inverted market structure in cocoa is easing, signalling reduced near-term supply tightness.

* September New York cocoa rose $12, or 0.5%, to $2,303 a tonne, having closed down 4.3% on Thursday. (Editing by Susan Fenton)

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