June 16, 2020 / 12:21 PM / 19 days ago

SOFTS-ICE raw sugar gains as oil and global equities tick higher

LONDON, June 16 (Reuters) - ICE raw sugar futures rose on Monday as oil prices strengthened and a global stocks rally resumed, reducing fears of looming excess production, while arabica coffee and cocoa also headed higher.

SUGAR

* July raw sugar rose 0.16 cents, or 1.3%, at 12.21 cents per lb​ at 1200 GMT.​

* Global stocks headed higher following a stimulus splurge from the U.S. Federal Reserve while oil prices rose, deterring mills in Brazil from ramping up sugar output at the expense of cane-based biofuel ethanol.

* Archer Consultancy said Brazilian mills had hedged nearly 90% of their expected sugar exports this year, leaving little room for further sales that could weigh on ICE futures.

* Dealers said sugar is trying to consolidate in a higher range, with Brazil having sold nearly all its crop, but warned gains will be capped given higher looming production in Brazil and India this year and very little, if any, consumption growth.

* August white sugar rose $8.1, or 2.1%, to $391.90 a tonne.

COFFEE

* September arabica coffee rose 0.6 cents, or 0.6%, to 96.45 cents per lb​, having hit a nine-month low of 94.55 cents on Monday.

* Green coffee stocks in the United States rose for a second consecutive month. The increases happened as most U.S. coffee shops were operating under very restricted conditions or were closed altogether due to coronavirus lockdowns.

* September robusta coffee fell $8, or 0.7%, to $1,186 a tonne.

COCOA

* September London cocoa rose 10 pounds, or 0.6%, to 1,710 pounds per tonne​, having hit a 9-1/2 month low of 1,684 pounds​ on Monday.

* Well-above average rainfall in some of Ivory Coast’s cocoa-growing regions last week raised fears of plantations flooding.

* Ivory Coast cocoa arrivals fell 7.1% between Oct. 1 and June 14, exporters estimated.

* September New York cocoa rose $13, or 0.6%, to $2,280 a tonne.

Editing by David Evans

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