SOFTS-NY cocoa regains some ground, raw sugar prices ease

Reuters
05-27
SOFTS-NY cocoa regains some ground, raw sugar prices ease

Adds background, updates prices

LONDON, May 27 (Reuters) - New York cocoa futures on ICE rose on Tuesday, regaining some ground after the previous week's sharp decline, while raw sugar prices were slightly lower.

COCOA

* New York cocoa CCc1 was up 2.5% at $10,006 a metric ton by 1334 GMT.

* Dealers said the market derived some support from the slow pace of port arrivals in top grower Ivory Coast amid significant quality concerns over the mid-crop harvest.

* Cocoa arrivals at ports in Ivory Cost totalled 20,000 tons in the week to May 25, down from 32,000 tons in the same week of the previous season.

* They estimated that cocoa production in No. 2 grower Ghana is unlikely to exceed 600,000 tons this season.

* Ghana's cocoa industry, hit by unfavourable weather conditions and increased smuggling, is likely to miss its output target of 650,000 metric tons this season, data from regulator Cocobod showed.

* London cocoa LCCc1 gained 1.4% to 6,739 pounds a ton.

SUGAR

* Raw sugar SBc1 fell by 0.3% to 17.24 cents per lb.

* Dealers said above average monsoon rains in India could lead to more exports from the world's number two producer.

* They were also awaiting the release sometime this week of Centre-South Brazil cane and sugar production data for the first half of May.

* Analysts polled by S&P Global Commodity Insights had an average estimate for sugar production of 2.29 million tons, down 11.5% from the same period last year.

* White sugar LSUc1 gained a marginal 0.1% to $483.90 a ton.

COFFEE

* Arabica coffee KCc1 rose 0.9% to $3.6420 per lb, edging away from the previous session's one-month low of $3.5525.

* Speculators trimmed a net long position in arabica coffee futures in the week to May 20, the Commodity Futures Trading Commission reported on Friday.

* Robusta coffee LRCc2 fell 0.75% to $4,750 a ton.

(Reporting by Nigel HuntEditing by David Goodman and Maju Samuel)

((nigel.hunt@thomsonreuters.com; +44 (0) 7990 561421; Reuters Messaging: nigel.hunt.thomsonreuters.com@reuters.net))

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