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REFILE-SOFTS-Robusta coffee at 2-1/2 month low on selling from funds, producers

CommoditiesJun 13, 2018 19:20
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REFILE-SOFTS-Robusta coffee at 2-1/2 month low on selling from funds, producers

(Fixes arabica RIC in para 5)

LONDON, June 13 (Reuters) - Robusta coffee futures touched their lowest in 2-1/2 months on Wednesday, pressured by speculative and producer selling against a backdrop of slim roaster demand, while New York cocoa climbed.

COFFEE

* September robusta coffee LRCc2 was down $19, or 1.1 percent, at $1,696 a tonne by 1320 GMT, having earlier fallen to $1,695, the weakest level for the second position since late March.

* Dealers pointed to fresh short-selling and long-liquidation by speculators, combined with producer hedging from top grower Vietnam.

* "I think there's just a little bit of spec repositioning," one dealer said. "But we have seen some commercial selling as well - some Vietnam producers have come to market. But there hasn't been a huge amount of roaster buying."

* July arabica coffee KCN8 fell 0.65 cents, or 0.6 percent, at $1.1670 per lb.

* The world coffee market could register a surplus of 13 million 60kg bags in 2018/19 because of higher production by top grower Brazil, combined with increased output from other origins, CoffeeNetwork said on Wednesday. Brazilian exporters shipped 1.46 million 60kg bags of green coffee in May, down 37 percent from the same month last year, hit by a nationwide truckers strike that reduced transportation to ports. A Kenyan lawmaker has said he will take a proposed law to parliament that seeks to ban exports of unprocessed coffee to boost farmers' earnings. September New York cocoa CCc2 rose $23, or 0.9 percent, to $2,467 a tonne in thin trade, after earlier falling to a session low of $2,406.

* Speculators have recently been reducing their long position in the commodity, after going aggressively bullish in it this year.

* Dealers noted trade was choppy and the market remained vulnerable to spurts of light short-covering.

* September London cocoa LCCc2 fell 2 pounds, or 0.1 percent, to 1,747 pounds a tonne.

* Ivory Coast plans to tighten conditions for awarding licences to cocoa exporters to avoid a repeat of defaults linked to the disastrous 2016/17 season. July raw sugar SBc1 rose 0.03 cents, or 0.2 percent, to 12.38 cents per lb, consolidating after recent gains.

* Iran's state purchasing agency has issued another international tender to buy 60,000 tonnes of raw cane sugar, European traders said on Wednesday. August white sugar LSUc1 fell $0.50, or 0.14 percent, to $351.50 a tonne.

* French sugar group Cristal Union on Wednesday said it had scrapped minimum prices for sugar beet farmers because it expects sugar prices to fall further in 2018 after hitting historic lows last year.

REFILE-SOFTS-Robusta coffee at 2-1/2 month low on selling from funds, producers
 

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