Sugar futures rebounded and closed stronger on Monday, as the commodity complex rose after last week's biggest drop since 2008, but profit taking yanked arabica to a weak finish and US cooca ended flat. Commodities bounced from their biggest weekly drop in 2-1/2 years as buyers emerged for oil, metals and grains contracts cheapend by the sell-off of the last two sessions.
Raw sugar futures staged a modest rebound from near eight-month lows on investor buying, following a lead from stronger oil prices. ICE July raw sugar futures rose 0.49 cent, or 2.4 percent, to settle at 20.96 cents a lb, after dipping to an eight-month low of 20.40 cents on Friday.
Arabica coffee futures reversed lower in thin dealings, as market players grabbed profits and after top grower Brazil said it will start to sell its 1.55 million 60-kg bags of public arabica stocks, most of which was acquired in 2009. ICE July arabica coffee reversed to end down 0.15 cent at $2.8740 per lb. ICE second-month, July cocoa settled flat at $3,082 per tonne, while London July cocoa rose 7 pounds to settle at 1,897 pounds a tonne.
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