October 13, 2017 / 6:01 PM / a year ago

SOFTS-Robusta edges up on rain in Vietnam, London cocoa weakens

(Updates prices; adds comment, NEW YORK dateline, weekly milestones)

NEW YORK/LONDON, Oct 13 (Reuters) - Robusta coffee futures rose for the second straight session on Friday, underpinned by short covering triggered partly by heavy rain in top grower Vietnam, while a stronger British pound weighed on London cocoa.


* November robusta coffee settled up $12, or 0.6 percent, at $2,009 per tonne after hitting a session high of $2,020.

* Dealers said the market was underpinned by light short covering by speculators spooked by heavy rains and flooding in top grower Vietnam, which killed at least 54 people.

* While the market was monitoring the situation as harvesting gets underway, dealers noted that showers in coffee areas had been lighter, diminishing the likelihood that rain will cause significant delays.

* “There has been some flooding in Vietnam, just not in the coffee parts,” said one dealer. “So we don’t really believe there’s a weather problem at the moment.”

* December arabica coffee settled up 0.1 cent, or 0.08 percent, at $1.2645 per lb.

* Market participants continued to monitor crop flowering in top grower Brazil, where light rains have eased some weather concerns.

* Spot arabica closed the week down 2.7 percent.

* “The market felt selling pressure this week because of the flowering pictures that were circulating,” said Rodrigo Costa, director of trading for Comexim USA.

* Coffee stocks in importing countries hit an eight-year high in June, the International Coffee Organization said.


* December London cocoa settled down 14 pounds, or 0.9 percent, at 1,566 pounds per tonne, weighed by a strengthening in sterling against the dollar.

* “Currency is playing a big role, putting pressure on London and providing a bit of support for New York (cocoa),” one dealer said.

* December New York cocoa settled down $3, or 0.1 percent, at $2,087 per tonne. The spot contract closed the week little changed.

* Dealers awaited the release of third-quarter grind data from Asia and North America on Oct. 19.


* March raw sugar settled up 0.13 cent, or 0.9 percent, at 14.41 cents per lb. It closed the week up 3.1 percent, its second straight weekly gain.

* Dealers said the market continued to lack a clear overall trend with ample supplies helping to cap the upside.

* December white sugar settled down 80 cents, or 0.2 percent, at $374.80 per tonne. (Reporting by Marcy Nicholson in New York and Ana Ionova and Nigel Hunt in London; Editing by Elaine Hardcastle and James Dalgleish)

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