Raw sugar and arabica coffee futures moved higher early Wednesday, along with the commodity complex, while US cocoa inched upward. Arabica coffee futures inched upward, on follow-through strength from Tuesday and outside support as the commodity complex was firm, said traders.
ICE certified arabica stocks dropped to 2,389,906 bags by May 11, down 6,638 bags with 3,500 bags pending grading. Sugar consolidated, rising on modest investor buying. Reuters market analyst Wang Tao said the second leg of raw sugar's rebound will push the price up to 14.83 cents - the 38.2 percent Fibonacci retracement level.
US cocoa futures inched higher, remaining at the lower end of Tuesday's range, when the market tumbled 4 percent, said traders. The sharp correction for New York cocoa futures is over after touching a low at $2,936 per tonne during the previous trading session as the 76.4 percent Fibonacci retracement level provides strong support.
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