June 17, 2020 / 11:57 AM / 17 days ago

SOFTS-Raw sugar weakens, London cocoa sets one-year low

LONDON, June 17 (Reuters) - Raw sugar futures on ICE fell on Wednesday, giving up some ground after its recent run-up while London cocoa prices fell to the lowest level in more than one year.

SUGAR

* July raw sugar fell 0.16 cents, or 1.3%, at 12.03 cents per lb​ by 1133 GMT as the market retreated after failing to breach resistance on Tuesday around a three-month high of 12.27 cents set earlier this month.

* Dealers said bearish influences included plentiful monsoon rains in India which have boosted the outlook for cane crops.

* There continued to be concern about shipping delays in Brazil with production in the key Center-South region running sharply above year-earlier levels.

* “The sugar production in the Center-South region of Brazil continues to be very high due to both a good harvest momentum and a high allocation of cane to sugar as ethanol remains depressed,” analysts Agritel said in a note.

* August white sugar fell $2.30, or 0.6%, to $387.60 a tonne.

COCOA

* September London cocoa fell 27 pounds, or 1.6%, to 1,676 pounds per tonne​ after dipping to a low of 1,674 pounds, the weakest level since May 2019.

* Dealers said the market was weighed by weak demand and a generally favourable outlook for 2020/21 crops in West Africa.

* September New York cocoa fell $18, or 0.8%, to $2,251 a tonne.

COFFEE

* September arabica coffee fell 0.05 cents, or 0.05%, to 95.55 cents per lb​, having hit a nine-month low of 94.55 cents on Monday.

* Dealers said the market remained on the defensive with supplies ample as top producer Brazil harvests a huge crop.

* September robusta coffee rose $4, or 0.3%, to $1,183 a tonne. (Reporting by Nigel Hunt)

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