May 8, 2018 / 11:40 AM / 4 months ago

SOFTS-London cocoa climbs to fresh highs, white sugar slips

LONDON, May 8 (Reuters) - London cocoa futures on ICE rose on Tuesday, touching their highest level in 17 months, while white sugar prices slipped as traders focused on ample global supplies.

COCOA

* July London cocoa was up 26 pounds, or 1.4 percent, at 1,958 pounds a tonne by 1110 GMT in light volume.

* Prices earlier touched 1,971 pounds, the highest for the second position since November 2016.

* Dealers noted the London market was catching up with gains in New York in the previous session, as trading resumed following a holiday on Monday.

* Sentiment remained positive amid signs speculators remain broadly bullish towards the commodity, after data last week showed funds slightly boosted their long position in London while only lightly trimming their New York bet, dealers said.

* “One outweighed the other,” said one. “Ultimately, you’ve got a speculator position that’s remained at a healthy long.”

* July New York cocoa was down $17, or 0.6 percent, at $2,831 a tonne, partly weighed by a stronger dollar.

* Prices consolidated after jumping sharply on Monday on speculative fund buying.

* Dealers noted the market is technically overbought, although momentum trading continued to drive activity for now.

* “Technically, we’ve over-stretched,” the dealer said. “At some point, a pullback is due.”

SUGAR

* August white sugar fell $1.80, or 0.6 percent, to$319.30 a tonne.

* July raw sugar rose 0.02 cents, or 0.2 percent, to 11.34 cents per lb.

* Focus remained on a global supply glut, as more bearish views emerged from an industry gathering in New York this week.

* Raw sugar prices could fall to 8 cents per lb, amid a record two-year surplus, brokerage JSG Commodities said during an event at New York “Sugar Week.”

* Meanwhile, India’s sugar output is seen rising to a record 33.8 million tonnes in 2018/19, up 4.2 percent from this season, according to a U.S. attache.

COFFEE

* July arabica coffee slipped 0.10 cents, or 0.1 percent, to $1.2065 per lb.

* Prices slumped in the prior session, posting their biggest one-day drop in three weeks, as a weak Brazilian currency pressured.

* July robusta coffee fell $3, or 0.2 percent, to $1,810 a tonne.

* Certified stocks of robusta coffee dwindled to their lowest in more than 3-1/2 years last week, after bargain-hunting buyers scooped up deeply discounted beans held in European warehouses, trade sources say. (Reporting by Ana Ionova Editing by Alexander Smith)

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