June 26, 2020 / 12:14 PM / 11 days ago

SOFTS-London cocoa consolidates, sugar and coffee ease

LONDON, June 26 (Reuters) - London cocoa futures were marginally higher on Friday as the market consolidated after rebounding from a more than one-year low set early this week, while sugar and coffee prices eased.

COCOA

* September London cocoa was up 1 pound, or 0.1%, at 1,765 pounds a tonne at 1159 GMT.

* The market has regained some ground this week after a prolonged slide which saw prices slump to a more than one-year low of 1,660 pounds on Monday.

* Sluggish demand and an expected rise in production in the upcoming 2020/21 season continued to provide a bearish backdrop.

* “Cocoa looks poised to consolidate in the very near future but we expect prices to remain weak this year and to head lower from current levels in the coming quarters,” Fitch Solutions said in a note.

* September New York cocoa rose $9, or 0.4%, to $2,395 a tonne.

SUGAR

* July raw sugar was down 0.15 cents, or 1.3%, at 11.66 cents per lb.

* Dealers said the expiry of the July contract on Tuesday was providing a short-term focus with a fairly modest delivery expected following the recent decline in open interest.

* They noted the recent fall in the whites premium indicated that any short-term tightness had eased.

* August white sugar fell $10.10, or 2.8%, to $346.50 a tonne.

COFFEE

* September arabica coffee fell 0.65 cents, or 0.7%, to 95.15 cents per lb.

* Prices may seek a support zone of 87.60 to 91.10 cents per lb next quarter and could stay around this range or bounce moderately towards $1.08 before dropping again, Reuters technical analyst Wang Tao said.

* September robusta coffee fell $6, or 0.5%, to $1,148 a tonne. (Reporting by Nigel Hunt; Editing by Jan Harvey)

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