Sugar futures were buoyed Thursday by perkier consumer demand, but coffee and cocoa appear to be consolidating, analysts said. The sugar trade was looking toward a Thai tender in the third week of July to buy 100,000 tonnes of white sugar, and a huge vessel line-up at Brazilian ports to load new-crop sugar.
New York's key October raw sugar contract crawled up 0.03 cent to finish at 17.09 cents a lb. "It seems we may continue higher to test the resistance around 17.50 cents a lb in the short term as the closes above 17 cents indicate further momentum," Sucden broker Thomas Kujawa said.
Most market participants believe that sugar has bottomed out as it corrected sharply after raws hit a 29-year top of 30.40 cents on February 1. The market hit a one-year low of 13 cents on May 7. The July premium over September traded at 219 pounds, up from Wednesday's close of 213 pounds. New York's September cocoa futures fell $12 to end at $2,969 per tonne. London's cocoa contract shed 23 pounds to finish at 2,380 pounds a tonne. New York's September arabica contract declined 0.95 cent to end at $1.621 a lb.
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