Sugar futures finished Monday firm, paring gains after extending Friday's sharp rally to an eight-month high on investment fund and trade buying as the sweetener's upward move showed no sign of slowing down. Arabica coffee corrected lower in thin dealings, after Friday's 9-cent rally, while cocoa climbed as shorts continued to take cover.
ICE March raw sugar futures increased 0.27 cent to finish 26.59 cents per lb, after hitting 27.24 cents, the highest level for the spot raw sugar market since early February 2010. Arabica coffee futures corrected lower after Friday's rally. ICE March arabica coffee futures dropped 3.50 cents or by 1.9 percent to finish at $1.7865 per lb.
Total volume was light at around 11,000 lots, down from the 30-day average of 15,000 lots, preliminary Thomson Reuters data showed. ICE cocoa was buoyed by short-covering as the funds continue to hold a large net short position, dealers said. ICE December cocoa gained $50 or by 1.8 percent to close at $2,853 per tonne.
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