SOFTS-Raw sugar falls as supply glut weighs, London cocoa at 2-month high

(Updates throughout, adds comment, detail)

LONDON, Feb 5 (Reuters) - Raw sugar futures fell on Monday as a global supply glut outweighed signs that a bout of speculative selling could be petering out.

A weaker sterling lifted London cocoa to its highest in over two months.


* March raw sugar was down 0.21 cents, or 1.5 percent, at 13.42 cents per lb by 1433 GMT.

* Speculators raised their net short position in raw sugar to a record 175,421 contracts in the week to Jan. 30, exchange data showed on Friday.

* While this signalled there is little scope for further speculative selling, dealers noted sentiment remains bearish amid a global supply glut.

* "We have been in a two week range, with a ballooning short position building up," Nick Penney, senior trader at Sucden Financial, said in a market update. "The markets' inactivity and inability to rally in the short term is startling."

* March white sugar fell $3.60, or 1 percent, to $354.50 per tonne.

* White sugar prices have been weighed by a surge in production from the likes of the European Union, Thailand, India and Pakistan.

* Pakistan's emergence as a major sugar exporter could prove short-lived, however, with farmer appetite for the crop diminished by low domestic prices, a leading industry official said on Monday.

* The European Union is well placed to remain a net sugar exporter over the medium term, as its production costs are more competitive than rivals such as Russia and Pakistan, French producer Tereos said on Monday.


* May London cocoa was up 14 pound or 1 percent to 1,469 pounds a tonne, after hitting 1,471 pounds, its highest since Nov. 30.

* Prices were supported by the British pound, which slipped on Brexit negotiation worries.

* March New York cocoa was up $7, or 0.3 percent, to$2,066 a tonne, after also hitting its highest since late November.

Cocoa arrivals at ports in top grower Ivory Coast reached about 53,000 tonnes between Jan. 29 and Feb. 4, up from 43,000 tonnes during the same period last season.


* March arabica coffee fell 0.10 cents, or 0.1 percent, to $1.2030 per lb.

* March robusta coffee rose $3 or 0.2 percent, to$1,748 a tonne.

* Global coffee supplies will shift to a surplus in 2018-19 with top grower Brazil on track to harvest a record crop, but prices will rise modestly by the end of the year, a Reuters poll of 14 traders and analysts showed. (Reporting by Ana Ionova, editing by David Evans and Jon Boyle)