SOFTS-Arabica coffee rises to 7-week high; raw sugar pauses

Recasts, includes closing prices and comments

NEW YORK/LONDON, April 22 (Reuters) - Arabica coffee futures on ICE rose to the highest price in more than seven weeks on Thursday, as the prospect of a tighter supply outlook in 2021/22 and positive retail news underpinned the market.

Raw sugar futures paused after large gains recently.

SUGAR

* May raw sugar SBc1 ​​settled down 0.02 cent, or 0.1%, at 16.92 cents per lb, after peaking at 16.99 cents on Wednesday, its highest since Feb. 26.

* Dealers said sugar remains well supported, with funds adding to their long positions amid a diminished crop outlook in Brazil and the European Union.

* Ukraine's economy ministry has proposed waiving the 50% import duty on 120,000 tonnes of white sugar.

* "We now expect a much smaller 2021/22 global sugar surplus of around 2.9 million tonnes, primarily due to the recent crop downgrades in Brazil," said Citi in a note.

* ​August white sugar LSUc1​settled down $0.90, or 0.2%, at $462.40 a tonne.

COFFEE

* July arabica coffee KCc2 settled up 1.95 cents, or 1.5%, at $1.3615 per lb, after peaking at $1.3645, the highest price since March 1st.

* Dealers said the market continues to derive support from an outlook of reduced supplies in the 2021/22 season, as top producer Brazil looks set to harvest a smaller-than normal crop.

* Coffee shops reopenings in Europe and strong retail results were also positive.

* Nestle NESN.S reported its strongest quarterly sales growth in 10 years. Coffee was the largest contributor to Nestle's sales growth, with Nespresso sales up more than 17%.

* Danes returned to cafes and restaurants this week for the first time in months as COVID-19 restrictions were eased.

* July robusta coffee LRCc2 settled down $2, or 0.1%, at $1,408 a tonne.

COCOA

* July London cocoa LCCc2settled up 10 pounds, or 0.6%, to 1,647 pounds per tonne​.

* Swiss chocolatier Barry Callebaut reported a drop in first-half net profit as sales volume fell 2.9%, and said Americas chief Peter Boone will become chief executive on Sept. 1.

* Ivory Coast's cocoa regulator said it would reimburse exporters for their expenses related to the implementation of a premium meant to combat farmer poverty.

* July New York cocoa CCc2​​settled up $3, or 0.1%, to $2,442 a tonne.

(Reporting by Marcelo Teixeira and Maytaal Angel. Editing by Jane Merriman, Kirsten Donovan and Richard Chang)

((marcelo.teixeira@tr.com; +1 332 220 8062; Reuters Messaging: marcelo.teixeira.thomsonreuters.com@reuters.net - https://twitter.com/tx_marcelo))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.