SOFTS-Arabica coffee gains 2.3% as focus remains on Brazil weather
Updates with closing prices, adds comments
NEW YORK/LONDON, Oct 7 (Reuters) - Arabica coffee futures on ICE closed more than 2% up on Thursday, as the market waited to see if there would be sufficient rain in Brazil over the next few days to aid the flowering of next year's crop, while cocoa and sugar prices also rose.
* December arabica coffee KCc1 settled up 4.45 cents, or 2.3%, at $1.979 per lb.
* Dealers said there remained concerns that dry conditions in top producer Brazil could hurt the flowering of next year's crop although some rains are forecast over the next few days.
* "The market continues to be driven by weather in Brazil and COVID-related disruption affecting trade in Asia," the International Coffee Organization (ICO) said in a monthly update.
* ICO cut its estimate for coffee's global supply balance in 2020/21 to 2.38 million bags from 2.63 million bags in the previous report.
* ICE certified arabica stocks fell below 2 million bags for the first time since May.
* November robusta coffee LRCc1 closed up $3, or 0.1%, at $2,119 a tonne.
* The robusta market's focus is beginning to turn to the harvest in top producer Vietnam, which is due to start next month.
* December New York cocoa CCc1 settled up $11, or 0.4%, at $2,726 a tonne, edging up towards Monday's 10-month peak of $2,792.
* Dealers were beginning to focus on third-quarter grind data due to be issued next week, with an overall year-on-year rise anticipated as demand begins to revive.
* The European grind is due to be issued on Wednesday and the North American grind on Thursday.
* December London cocoa LCCc1 gained 2 pounds, or 0.1%, to 1,863 pounds per tonne.
* March raw sugar SBc1 settled up 0.07 cent, or 0.4%, at 19.84 cents per lb.
* Dealers said the market lacked any clear overall trend, while trading volumes were currently low.
* They said that speculators, who have been long in the market for over a year now, could start to reduce that position if prices fail to break higher.
* December white sugar LSUc1 rose $2.00, or 0.4%, at $510.50 a tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt; Editing by Steve Orlofsky, Elaine Hardcastle and Shailesh Kuber)
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