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UPDATE 2-SOFTS-Coffee settles lower on profit taking as traders digest Biden win

(Updates with settlement prices)

NEW YORK/LONDON, Nov 9 (Reuters) - ICE coffee futures fell on Monday on profit taking, reversing earlier gains on news of Joe Biden’s election as president of the United States and promising developments from Pfizer’s COVID-19 vaccine candidate. COFFEE

* December arabica coffee edged down 0.1 cents, or 0.1%, to $1.0685 per lb.

* Arabica has gained some support from concerns recent dry weather could contribute to a significant production decline in top grower Brazil next year.

* One dealer said the dollar weakness expected following Biden’s win, plus a recovery in demand as coronavirus cases recede, should lift coffee prices longer term.

* January robusta coffee settled down $3, or 0.2%, at $1,347 a tonne, having hit its highest since late September.

SUGAR

* March raw sugar fell 0.05 cents, or 0.4%, to 14.88 cents per lb, having hit an eight-month high of 15.23 cents last week.

* The dollar was weak against a currency basket, making dollar-priced commodities like sugar cheaper for non-U.S. investors.

* Dealers said rumors that this season’s sugar export subsidies from India, a top producer, would be less than half of last season’s were also underpinning sugar.

* Elsewhere, concerns persist the sugar market will grow tight at least until top producer Brazil starts to harvest its new crop next year.

* Speculators cut their net long position in ICE raw sugar by 19,952 contracts to 191,382 contracts in the week to Nov. 3.

* December white sugar, which expires on Friday, was up slightly, settling up 30 cents a tonne at $400.40.

COCOA

* March New York cocoa settled up $53, or 2.3%, to $2,391 a tonne, having earlier hit its highest in 1-1/2 weeks.

* Cocoa arrivals at ports in top grower Ivory Coast reached 485,000 tonnes between Oct. 1 and Nov. 8, up 8% from the same period last season.

* Cocoa prices have been bolstered by some disruptions to the flow of supplies in Ivory Coast after a disputed presidential election, with opposition leader Pascal Affi N’Guessan under arrest for creating a rival government.

* March London cocoa settled up 28 pounds, or 1.7%, to 1,639 pounds per tonne. (Reporting by Maytaal Angel, additional reporting by Jessica Resnick-Ault in New York; Editing by Mark Potter, Jan Harvey and Cynthia Osterman)

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