Raw sugar closed up 5.5 percent Wednesday, while arabica coffee and US cocoa also finished stronger in a consolidative day as the commodity complex recovered. July coffee rose 0.70 cent to close at $1.3685 per lb. The key July raw sugar contract jumped 0.76 cent or 5.5 percent to settle at 14.67 cents per lb. Analysts still worry key July contract may again take a stab at one-year low of 13 cents.
July cocoa futures gained $21 to finish at $2,972 per tonne. US cocoa inched higher on bottom-feeding in a consolidative move after Tuesday's sharp drop, said traders. Good crop-growing conditions in West Africa kept the market heavy, said traders. Top grower Ivory Coast's cocoa output in the calendar year 2010 is expected to fall to 1.225 million tonnes, down from 1.305 million tonnes in 2009.
Comments
Comments are closed.