Adds comment, updates prices
LONDON, Jan 28 (Reuters) – Raw sugar futures fell to a two-week low on Friday with forecast weekend rains see aiding cane crops in Centre-South Brazil while arabica coffee clawed back most of this week’s losses.
SUGAR
* March raw sugar SBc1 fell 1.2% to 18.19 cents per lb by 1521 GMT after setting a two-week low of 18.09 cents.
* Dealers said forecast rains over the weekend in Center-South Brazil could help improve soil moisture levels and the outlook for this year’s cane crop.
* An improving outlook for production in India has also contributed to recent market weakness.
* Technical indicators have become more bearish after the market’s recent weak performance, adding to selling pressure.
* March white sugar LSUc1 fell 1% to $494.80 a tonne.
COFFEE
* March arabica coffee KCc1 was up 1.8% at $2.3620 per lb although the market was still on track for a small weekly loss of 0.7%.
* Dealers said the market’s focus remains on the outlook for this year’s crop in Brazil and the extent to which last year’s frosts and drought could curb production.
* March robusta coffee LRCc1 rose 0.3% to $2,198 a tonne.
COCOA
* March London cocoa LCCc1 rose 0.1% to 1,681 pounds a tonne after dipping to a low of 1,677 pounds, the weakest level since Jan. 7.
* Dealers said the outlook for demand has become more bearish recently owing to a gloomier global economic outlook.
* Supplies also remain plentiful.
* Total reported cocoa stocks rose sharply during the 2020/21 season (October/September), partly driven by the availability of data from South-East Asia, the International Cocoa Organization (ICCO) Expert Working Group on Stocks (EWGS) estimated after a meeting on Thursday.
* March New York cocoa CCc1 rose 0.1% to $2,453 a tonne.
(Reporting by Nigel Hunt Editing by David Goodman)
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