×

SOFTS-Raw sugar futures rebound, cocoa also climbs

(Adds quote, updates prices)

LONDON, April 13 (Reuters) - Raw sugar futures on ICE were higher on Friday, pulling away from a 2-1/2 year low set earlier this week, while cocoa prices also advanced.

SUGAR

* May raw sugar rose 0.21 cent, or 1.7 percent, to 12.26 cents per lb by 1412 GMT. The front month set a 2-1/2 year low of 11.93 cents on Wednesday.

* Dealers said producer selling should limit the scope of the rebound while supplies remain ample.

* "The market remains capped by producer selling coming closer to market levels," Sucden Financial senior trader Nick Penney said in a market note.

* Volumes were boosted by the rolling forward of positions out of May into July with the expiry of May options on Monday providing a short-term focus.

In the whites market, the focus was on the expiry of the May contract later on Friday with a delivery of less than 150,000 tonnes now anticipated.

* The sugar is expected to come from Central America, Thailand and possibly the EU although depressed prices curbed interest in tendering European sugar.

* August white sugar rose $3.40, or 1.0 percent, to $341.00 per tonne.

COCOA

* July New York cocoa was up $26, or 1.0 percent, at $2,590 a tonne.

* The contract remains, however, well within this month's range of $2,474 to $2,675 as dealers await next week's first-quarter grind data for Europe and North America.

* Europe's Q1 grind, scheduled to be issued on Wednesday, is expected to show a year-on-year rise of two to four percent. The grind showed year-on-year increases in every quarter last year.

* Dealers said the outlook was less clear for North America, where grind data is due to be released on Thursday, with estimates ranging from 1.5 percent lower to 2 percent higher.

* July London cocoa rose 7 pounds, or 0.4 percent, to 1,768 pounds a tonne with gains tempered by a rise in sterling to a 10-week high against the dollar.

* Nigeria's mid-crop cocoa output for 2017/18 could rise by 15 percent from last season, helped by a mix of rainfall and sunshine in the main growing regions which has helped the trees, the head of the cocoa association said on Friday.

COFFEE

* May arabica coffee was down 0.30 cent, or 0.25 percent, at $1.1760 per lb, with the prospect of a record crop in Brazil this year continuing to keep a lid on prices.

* May robusta coffee was up $11, or 0.6 percent, at $1,722 a tonne. (Reporting by Nigel Hunt, editing by David Evans)