ICE benchmark raw sugar futures fell from a seven-month high and closed lower on Monday, unable to sustain their rally, while arabica coffee logged its biggest one-day drop in four weeks. Cocoa futures finished down.
Talk that countries such as Pakistan may need to book orders of sugar soon, and follow-through investor buying, helped lift sugar above the key resistance level of 25 cents per lb to touch a seven-month peak of 25.60 cents per lb, basis October.
ICE October raw sugar futures dropped 0.32 cent to finish at 24.29 US cents per lb, while most-active March shed 0.17 cent to close at 23.08 cents. The October contract expires on September 30. The premium for arabica over robusta fell to around $1.07 per lb, from last week's steep peak of $1.23/lb.
ICE December arabica coffee futures sank 7.35 cents or 3.9 percent to settle at $1.8195 per lb. ICE cocoa corrected down in thin dealings after last week's rally. ICE December cocoa fell $30 to close at $2,716 per tonne, after climbing for the past four sessions.
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