July 6, 2020 / 11:18 AM / a month ago

SOFTS-London cocoa hits 1-1/2 year low, sugar falls

LONDON, July 6 (Reuters) - London cocoa prices on ICE hit 1-1/2 year lows on Monday amid signs of increased supplies and escalating worries that the global coronavirus pandemic has battered demand, while raw sugar prices fell.

COCOA

* September London cocoa was down 9 pounds, or 0.6%, at 1,576 pounds per tonne by 1050 GMT​, having earlier touched its lowest since December 2018 at 1,570.

* September New York cocoa fell $18, or 0.8%, to $2,161 a tonne, playing catch-up with London as U.S. markets were closed on Friday for a national holiday.

* Indicating increased nearby supply availability as a result of wilting demand and ample stocks, the discount for July versus September cocoa moved to its widest since mid-March LCC-1=R.

* Cocoa arrivals at ports in Ivory Coast reached 1.962 million tonnes between Oct. 1 and July 5, exporters estimated, down 6.4% from the same period last season.

SUGAR

* October raw sugar dropped 0.05 cents, or 0.4%, to 12.18 cents per lb.

* Dealers said raw sugar would likely remain rangebound, with no fundamental reason for it to rally as the weather remains favourable in Brazil, India and the European Union, and as the whites refining margin continues to fall LSUc1-SBc1.​​

* Limiting losses in sugar, global equities and oil rose as investors counted on a revival in Chinese activity to boost global growth, even as surging coronavirus cases delayed business re-openings across the United States.

* Sugar trader Czarnikow said in a note it expects to see fresh demand from Chinese buyers as the country has imposed a new policy on out-of-quota sugar imports, which in theory means they can now import as much sugar as they like.

* August white sugar dipped $0.6, or 0.2%, to $350.20 a tonne.

COFFEE

* September arabica coffee slipped 1.6 cents, or 1.6%, to $1.0160 per lb, after hitting its highest in more than a month last week.

* September robusta coffee fell $9, or 0.8%, to $1,190 a tonne. (Editing by Jan Harvey)

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