February 13, 2018 / 1:23 PM / 3 months ago

SOFTS-Sugar prices slip; small March whites delivery expected

LONDON, Feb 13 (Reuters) - Raw sugar futures were lower on Tuesday, with the market back on the defensive after the recent short-covering rally, pressured by plentiful global supplies.

SUGAR

* March raw sugar was off 0.15 cents, or 1.1 percent, at 13.58 cents per lb at 1302 GMT.

* Dealers said the market’s run-up, which lifted the front month above 14 cents last week, had run out of steam but the market remained well within its recent trading range.

* “The picture hasn’t changed. There is still plenty of sugar around,” one dealer said.

* Dealers noted that the whites premium had improved slightly from recent depressed levels, with the focus on the expiry of March whites on Tuesday.

* “It looks like the delivery is going to be a lot smaller than everyone thought,” one dealer said, adding that about 100,000 tonnes of Central American sugar could be tendered.

* May whites were down $0.90, or 0.25 percent, at $360.10 a tonne.

COCOA

* March New York cocoa rose $17, or 0.9 percent, to $1,987 a tonne, regaining some ground after the previous session’s steep decline.

* A softer dollar helped to support prices.

* Dealers said that fundamentals remained bearish, with a second consecutive global surplus generally forecast for the current 2017/18 season.

* Above-average rainfall helped Ivory Coast’s cocoa-growing regions last week, farmers said on Monday, though some expressed concern about the effects of a spell of hot weather.

* May London cocoa was up 6 pounds, or 0.4 percent, at 1,465 pounds a tonne.

COFFEE

* March arabica coffee was off a marginal 0.05 cents, or 0.04 percent, at $1.2135 per lb.

* May robusta coffee rose $3, or 0.2 percent, to $1,772 a tonne. (Reporting by Nigel Hunt; Editing by David Goodman)

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