SOFTS-Raw sugar hits seven-week low as oil prices slump
LONDON, June 12 (Reuters) - Raw sugar futures on ICE fell to a seven-week low on Friday as crude oil prices declined following news that U.S. President Donald Trump had cancelled threatened strikes on Iran.
SUGAR
* Raw sugar SBc1 fell 0.5% to 13.72 cents per lb at 1103 GMT, having earlier hit a seven-week low of 13.68 cents.
* The market is on track for a weekly loss of 3%.
* Weaker energy prices can lead to increased use of cane to produce sugar rather than biofuel ethanol.
* Dealers said sugar supplies also remained ample with the cane harvest progressing in Centre-South Brazil.
* White sugar LSUc1 lost 0.5% to $444.10 a metric ton.
COCOA
* London cocoa LCCc2 fell 0.3% to £2,854 a ton and was on track for a weekly loss of 0.8%.
* A rise in port arrivals in top grower Ivory Coast and a generally favourable outlook for the rest of the mid-crop harvest continue to weigh on prices.
* The market, however, is underpinned by concerns that production in West Africa will decline in the 2026/27 season partly due to El Nino weather conditions.
* "We maintain that weather-related risks will provide upside support to prices over the coming quarters," BMI said in a note on Friday.
* New York cocoa CCc2 rose 0.2% to $3,807 a ton.
COFFEE
* Arabica coffee KCc2 rose 0.3% to $2.51 per lb with the market on course to post a weekly gain of 4.1%.
* Brazil's green coffee exports increased 4.2% in May from a year earlier, landing at 2.73 million 60-kg bags in the first monthly increase since November 2024, industry group Cecafe said on Thursday.
* Robusta coffee LRCc2 gained 0.6% to $3,415 a ton.
