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(Recasts throughout, updates prices; adds market activity, comments, adds NEW YORK to dateline) NEW YORK/LONDON, April 5 (Reuters) - Arabica coffee futures on ICE fell on Friday, erasing the previous session's gains, as a short-covering rally ran out of steam while raw sugar touched a two week peak.
* May arabica coffee settled down 2.1 cent, or 2.2 percent, at 93.20 cents per lb. In the previous session, the contract touched a two-week high of 96.95.
* On the week, the contract fell 1.1 percent.
* A record-large crop in Brazil last year and expectations of another massive crop there this year have squeezed coffee prices and prompted funds to heavily short the market.
* Prices crashed on Tuesday to a 13-year low of 91.25 cents, far below the cost of production in most parts of the world.
* The Brazilian government is considering offering put options to coffee producers as a way to shore up prices, two people with knowledge of the talks told Reuters.
* The program, if approved, would effectively set a price floor in the world's largest coffee producer and exporter.
* May robusta coffee settled down $28, or 1.9 percent, at $1,420 per tonne.
* May raw sugar settled up 0.05 cent, or 0.4 percent, at 12.76 cents per lb after touching a two-week peak of 12.84 cents.
* Dealers were watching 12.87, the March 18 high, as resistance.
* Futures got support from firm oil prices, dealers noted, which incentivize Brazilian cane mills to produce more ethanol than sugar.
* On the week, the contract rose 1.8 percent.
* Sugar has been largely range-bound, trading between 12 and 13 cents for most of 2019.
* Sugar and ethanol trader SCA expects mills in Brazil to earmark 39.5 percent of cane to sugar production in the 2019/20 crop versus 35.3 percent in 2018/19.
* May white sugar settled up 30 cents, or 0.1 percent, at $330.30 a tonne.
* May New York cocoa settled down $2, or 0.1 percent, at $2,413 per tonne, its first negative finish in 11 sessions.
* On Thursday, the contact hit $2,429, a 2019 high.
* On the week, the contract rose 5.8 percent.
* Prices have been lifted by a short-covering rally against the backdrop of concerns that the West African mid-crop could be damaged by dry weather.
* The contract was in technically overbought territory for the second straight session on the relative strength index.
* May options expired on Friday, creating volatility in the May-July spread <CCK9-N9>, dealers noted.
* May London cocoa settled up 3 pounds, or 0.2 percent, at 1,810 pounds a tonne, having hit its highest since June on Thursday.
(Reporting by Ayenat Mersie in New York and Maytaal Angel in London; editing by Mark Potter and Steve Orlofsky)