June 22, 2018 / 11:19 AM / in 6 months

SOFTS-Raw sugar climbs on chart signals, softer dollar lifts NY cocoa

LONDON, June 22 (Reuters) - Raw sugar futures on ICE rose on Friday, boosted by friendly chart signals and a slowdown in producer selling in Brazil, while New York cocoa rebounded as a softer dollar lent support.

SUGAR

* July raw sugar was up 0.15 cents, or 1.3 percent, at 12.02 cents per lb by 1104 GMT, recovering losses from the prior session.

* Dealers noted activity on Friday was dominated by technically-inspired trading after prices held above the 20- and 50-day moving averages.

* They also noted hedging by Brazilian producers had slowed after the real currency firmed in recent days, lending further support to prices.

* “I haven’t seen (Brazilian) producers pricing as of late,” said one European dealer. “Any real currency move really affects their returns.”

* A stronger Brazilian currency supports prices as it reduces local returns on dollar-traded commodities like sugar, discouraging producers from selling.

* Focus was also on India, which has not yet exported the bulk of its massive sugar surplus to the global market as domestic prices have recovered recently, pulling the market further away from export parity.

* “India is price sensitive,” the dealer said. “So whilst it has a surplus, it’s not really hitting the market.”

* Market focus also remained on weather in Brazil, where dry conditions were expected to persist in the coming days, Marex Spectron said in a market update.

* August white sugar was up $2.00, or 0.6 percent, to $343.80 a tonne.

COCOA

* September New York cocoa rose $21, or 0.8 percent, to $2,534 a tonne, supported by a softer dollar as the currency pulled away from an 11-month high.

* September London cocoa fell 2 pounds, or 0.1 percent, to 1,813 pounds a tonne, weighed by a strengthening in the British pound.

* London prices retreated in the previous session after peaking at a three-week high of 1,847 pounds.

* Ivory Cocoa Products (ICP) and Eurofind Group plan to begin cocoa grinding at a new 32,000 tonne plant near Ivory Coast’s main city of Abidjan by 2019, with capacity doubling by 2021, ICP’s managing director told Reuters on Friday.

COFFEE

* September arabica coffee was up 0.20 cent, or 0.2 percent, to $1.1645 per lb.

* September robusta coffee also rose $4, or 0.2 percent, to $1,705 a tonne.

* Uganda’s coffee exports fell 22 percent year-on-year in May to 319,035 60-kg bags, state-run Uganda Coffee Development Authority said on Friday. (Reporting by Ana Ionova; Editing by Jan Harvey)

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