Arabica coffee futures fell from Monday's 13-year high to close down 8.1 percent on Tuesday in their biggest daily percentage loss in 2-1/2 years. Raw sugar reversed to settle firm and US cocoa quietly drifted to a 5-1/2-month low.
The October raw sugar contract climbed 0.09 cent to finish at 20.16 cents per lb, the highest close on the spot daily charts since early March. Trading from 19.09 to 20.20 cents. Analysts said short-covering and trade buying pushed the market higher after it was hit by a commodity-wide selling spree for most of the session.
Total sugar volume was 155,352 lots, up sharply over the 30-day average of 88,032 lots, according to preliminary Thomson Reuters data. Arabica coffee futures for December tanked 14.80 cents, or 8.1 percent, to finish at $1.6845 a lb, the biggest single-day percentage drop since March 2008.
ICE certified arabica stocks dropped to 2,025,223 bags by August 23, down 20,223 bags from the previous day, with 34,311 bags pending grading, according to ICE data. Benchmark December cocoa dropped $22 to finish at $2,812 a tonne, the weakest settlement since March 9.
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