* Trade focused on May raw sugar expiry on April 29
* Arabicas underpinned by shortage of high-quality beans
* Cocoa trade awaits fresh news on West African mid crops
(Adds trade comment, bylines, updates prices)
By David Brough and Nigel Hunt
LONDON, April 26 (Reuters) - Arabica coffee futures edged up on Tuesday and were in sight of last week's 34-year peak, while raw sugar eased, pressured by supplies from Brazil and Thailand as the market focused on the May contract expiry on Friday.
Cocoa consolidated as dealers awaited fresh news on the condition of the mid crops in West Africa and the resumption of exports after a fierce power struggle in Ivory Coast.
Arabica coffee futures on ICE firmed, and were in sight of the 34-year peak above the psychological $3 a lb level touched on April 20, against a backdrop of tight supplies of mild washed arabicas.
"Coffee could bounce a little higher today. We're getting buying interest from specs," said one veteran London-based coffee futures dealer.
ICE July arabica coffee reversed early losses and was up 1.05 cent or 0.4 percent to $2.9185 per lb at 1125 GMT, near the 34-year high of $3.0250 a lb touched on April 20.
Robusta coffee futures appeared to be consolidating after rising last week when ICE arabicas set the high.
"Robustas got dragged back up by New York last week and it seems to be fizzling out a little bit now," one dealer said.
Dealers said the market continued to keep a close watch on the May/July spread with the open interest on the front month still at a comparatively high 35,977 lots just one week before first notice day. The spread, which was trading at a backwardation of more than $100 earlier this month, has now moved to a contango of more than $30, lessening concern about a potential squeeze.
"You are going to see positions getting gradually wound down over the next couple of days and we will see what we are left with on Tuesday (May 3)," one dealer said.
"There is a lot of coffee getting graded. There is a lot ready to deliver. If anybody wants to take it up they are going to get inundated with it," the dealer added.
Liffe July robustas were down $4 or 0.2 percent at $2,431 a tonne at 1126 GMT.
Vietnam's April coffee exports jumped an estimated 30.3 percent from the same month in 2010 to 155,000 tonnes, or 2.58 million bags, exceeding market expectations, the agriculture ministry said.
Cocoa futures edged up in light volumes, underpinned by a softer dollar, with eyes on top producer Ivory Coast as dealers awaited news about the condition of the West African mid crops.
ICE second-month, July cocoa was up $15 or 0.5 percent to $3,075 per tonne at 1126 GMT, below a 32-year high of $3,775 per tonne touched on March 4.
New York cocoa remains technically neutral, rangebound between $3,054 and $3,131 per tonne, according to Reuters technical analyst Wang Tao.
London July cocoa was up 9 pounds or 0.5 percent to 1,899 pounds per tonne in modest volume of 2,378 lots.
Raw sugar futures on ICE eased, weighed by expectations of ample production of the sweetener from Brazil and Thailand, and the possibility of further unrestricted exports by India, which would boost supplies to the international market.
Dealers focused on the expiry of the ICE May raw sugar futures contract on April 29.
"As we head into the final furlong of the May New York expiry, it is looking increasingly likely that two or three receivers will be aiming to source some reasonable supplies from the tape," a European broker said.
Nick Penney of brokerage Sucden Financial said the availability of Thai sugars could reduce pressure on Brazilian ports in meeting international demand.
"It seems worries over the knock on effect of large vessel lineups at Brazilian ports may be holding this (July/October) spread up," Penney said.
"Should Thai sugar step into the gap as a result of the May expiry, this situation may be eased."
ICE May raw sugar futures fell 0.15 cent or 0.6 percent to 24.92 cents a lb at 1128 GMT. London August white sugar was down $6.10 or 1 percent to $633.00 per tonne in light volume of 1,367 lots.
India may consider additional unrestricted sugar exports after receiving final output figures for the current season from October, Food Secretary B.C. Gupta said on Tuesday.
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