Cocoa rises on soft pound, rollovers boost sugar

* Cocoa market digests data from W.Africa pod counters
* Sugar market focused on India's appetite for sugar

LONDON, April 24 (Reuters) - London cocoa futures rose on technically driven buying driven by a weak pound on Friday, while raw sugar edged up in activity dominated by rollover business, and arabica coffee dipped on arbitrage.
London cocoa futures rose on investor buying as the pound hit a two-week low against the euro after data showed the UK economy's fall in the first quarter was its fastest in 30 years.

"The weakened pound provided support. I don't have the impression that industry is particularly active (on the buy side)," one dealer said.
Dealers digested the latest data from West African pod counters, which they said was broadly in line with the market consensus.

Cocoa exporters and pod counters in the west of Ivory Coast, the world's top grower, have raised their forecasts for the 2008/09 mid crop thanks to healthy rainfall in recent weeks.

ICE July cocoa was up $10 or 0.4 percent to $2,470 per tonne at 1211 GMT, while London July cocoa was up 9 pounds to 1,784 pounds per tonne in thin turnover of 1,007lots.

Raw sugar futures rose on trade short-covering and rollover business before expiry of the front-month May contract on April 30, and dealers saw further upside price potential.

"It is possible we could see fresh longs by the specs with moves over recent highs in the 13.80s (cents per lb)," Sucden Financial Sugar said in a daily market report.
ICE July raw sugar was up 0.09 cent to 13.76 cents per lb at 1206 GMT.
London August white sugar futures were up $2.80 or 0.7 percent to $412.20 per tonne in slim turnover of 1,300 lots.

The sugar market's focus remains India's appetite for sugar after the world's biggest consumer swung to net importer from exporter.
Arabica coffee futures on ICE were slightly lower while robusta coffee in London remained little changed with arbitrage selling weighing on the New York market.
Dealers said the premium for arabica coffee had widened significantly to around 50 cents per lb during the run-up in prices earlier this week, prompting some selling.
"I think we are seeing a slight retracement (on the arabica premium). I think 50 (cents a lb) was a bit too heavy," one London dealer said.

July arabicas on ICE stood 0.55 cent lower at $1.1770 per lb at 1138 GMT with July robustas in London $1 higher at $1,491 a tonne.

Dealers said business in both markets featured rolling forward of positions with May on ICE already in delivery. The first tender day for May robustas is next Friday.
Vietnam's coffee exports in the first seven months of the current crop year from October to April jumped by an estimated 20.2 percent to 775,000 tonnes, or 12.92 million bags, the government said on Friday.

source: reuters