SOFTS-Arabica coffee gains as stocks slide; sugar, cocoa also up
LONDON, Oct 8 (Reuters) - Arabica coffee futures on ICE rose on Friday amid continued stock drawdowns, stronger oil prices and as the Brazilian real rose versus the dollar, deterring exports from the world's top coffee producer by lowering returns in local currency terms.
Sugar and cocoa also rose.
* December arabica coffee KCc1 rose 1% to $1.9975 per lb at 1342 GMT.
* ICE arabica coffee stocks are at their lowest since early May at 1.94 million bags, having dropped sharply from 2.16 million bags as recently as mid-September, indicating strong demand or limited supply, or both. KC-TOT-TOT
* The International Coffee Organisation cut its surplus estimate for global supply in 2020/21 to 2.38 million bags in its September monthly report, from 2.63 million bags previously. The agency sees a deficit in the current 2021/22 season.
* November robusta coffee LRCc1 slipped 0.1% to $2,117 a tonne.
* December New York cocoa CCc1 rose 1.1% to $2,754 a tonne, edging towards Monday's 10-month peak of $2,792.
* December London cocoa LCCc1 gained 1% to 2,753 pounds per tonne.
* Dealers noted the futures curve is inverted, with December cocoa trading at a premium to March and so on, indicating strong nearby demand or limited supply, or both.
* The European third quarter cocoa grind, a measure of demand, is due to be issued next Wednesday and the North American grind on Thursday, with a year-on-year rise expected as economies recover from coronavirus lockdowns.
* March raw sugar SBc1 rose 0.5% to 19.92 cents per lb.
* December white sugar LSUc1 rose 0.5% to $513 a tonne.
* Pakistan has issued a new international tender to purchase another 50,000 tonnes of white sugar, taking the total it is currently seeking to 100,000, European traders said.
(Reporting by Maytaal Angel; Editing by Ken Ferris)
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