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Arabica coffee plumbs near 2-month low, raw sugar steadies



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Updates prices

LONDON, May 30 (Reuters) -Arabica coffee futures traded on the ICE exchange plumbed near two-month lows on Tuesday as the harvest gets underway in top producer Brazil, while raw sugar steadied.


COFFEE

* July arabica coffee KCc1 fell 2.4% to $1.7720 per lb at 1148 GMT​​​​​​, having hit its lowest since early April at $1.7715 earlier.

* UK-based trader DR Wakefield noted arabica price premiums in top producer Brazil's physical markets are easing, meaning ICE stockpiles should grow as the current harvest gets underway.

* July robusta coffee LRCc1 slipped 0.1% to $2,572 a tonne, having hit a 15-year peak last Tuesday.

* Coffee exports from Vietnam, the world's top robusta producer, rose 15.7% in May, data showed, bringing the total year-to-date export gain to 2.2%.

* Local dealers, however, say Vietnam has all but run out of stocks to export, meaning figures should decline going forward.

SUGAR

* July raw sugar SBc1 was flat at 25.37 cents per lb, having hit its lowest since late April last Thursday.

* Dealers said it is likely prices will remain well supported near term, certainly until investors get a better idea on how the monsoon in No. 2 sugar producer Indian is progressing.

* They did note, however, that the harvest in top producer Brazil is gathering pace and it is likely production will be very good.

* ICE sugar speculators raised their net long position by 5,001 contracts to 169,116 in the week to May 23, data showed.

* August white sugar LSUc1 was flat at $708.30 a tonne.

COCOA

* July London cocoa LCCc1 slipped 0.2% to 2,356 pounds per tonne​.

* Cocoa arrivals at ports in top grower Ivory Coast totalled 2.068 million between Oct. 1 and May 28, down 5% from the same period last season, exporters estimated.

* A second consecutive week of above-average rainfall in most of Ivory Coast's cocoa-growing regions will boost the quality of the April-to-September mid-crop, farmers said.

* July New York cocoa CCc1 rose 0.4% to $3,004 a tonne.



Reporting by Maytaal Angel; Editing by Sriraj Kalluvila and Shweta Agarwal

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