Raw sugar and US cocoa futures eased early Thursday, while arabica coffee bucked the trend and inched higher. Arabica coffee futures moved higher in a narrow range as the market looked for direction, ignoring the strong dollar and weak commodity complex, said traders.
New York coffee will rally within an ascending channel and test the May 4 high at $1.3870 per pound, as a bullish momentum has built up - Reuters market analyst Wang Tao. Sugar slips on light investor sales as market trades in a band for now, said brokers.
Reuters market analyst Wang Tao said sugar could rise to 15.40 cents as an earlier target of 14.83 cents should be hit soon. US cocoa futures dripped lower, finding support at Tuesday's session low $2,936, basis July, flirting with a near four-week low.
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