SOFTS-Cocoa soars on Ivory Coast crop worries, coffee also sharply up

NEW YORK, Aug 11 (Reuters) - Cocoa futures traded on ICE exchange soared on Monday as trader buying on Ivory Coast crop concerns caused a breach of technical trade levels, prompting funds to pile in.

Coffee futures also gained amid light frosts in Brazil.

COCOA

* New York cocoa CCc2 ​​settled up $466, or 5.8%, at $8,444 a metric ton, having gained 6% last week.

* London cocoa LCCc2 ​​rose 5.5% to 5,713 pounds per ton.

* A dealer said the concerns over top producer Ivory Coast's upcoming crop are not new and the price reaction is exaggerated due to illiquid trading conditions.

* "Industry bought on the open this morning in very illiquid conditions. That triggered systematic fund buying (which is) completely throwing New York out of wack," he said.

* "It is pure speculation into a short covering rally," said a second broker.

* In news, global energy and commodities trader Hartree Partners is in talks to acquire French agro-industrial firm Touton, which trades nearly 10% of the world's cocoa.

* The talks come as cocoa trading costs soar amid historically elevated prices, with cocoa trading on ICE still largely illiquid and volatile.

COFFEE

* Arabica coffee futures KCc1 settled up 11.35 cents, or 3.7%, at $3.207 per lb​​, having hit a six-week high of $3.2445.

* There were reports of light, spotty frosts in some Brazil coffee areas, which was one factor behind the price jump, dealers said.

* They also noted the level of ICE certified arabica stocks, which fell to the lowest since May 2024 on Friday.

* Elsewhere, the market remains frozen due to the "constant surprises and provocations coming out of Washington" as regards tariff policy, said broker and consultant Michael J Nugent.

* "A strong argument can be made that a top is in place, but a bear market this is not. (Still) nobody wants to stick their neck out (and) the result is a market coiled in quiet frustration," he said.

* Robusta coffee LRCc2 rose 4.4% to $3,664 a ton.

SUGAR

* Raw sugar SBc1 ​​​​​​settled up 0.24 cents, or 1.5%, at 16.49 cents per lb.

* Dealers said the big short position of speculators as stated by the CFTC report on Friday has led to some buying on Monday, but added that more is needed on the upward to cause any significant short covering by funds.

* "We will need to clear the 50 day (moving average) and/or the downtrend line to perhaps dislodge some of those shorts," said sugar market analyst Michael McDougall.

* White sugar LSUc1 rose 0.8% to $474.90 a ton.