Raw sugar rallied to a one-month high on technical buying early on Tuesday, while arabica coffee reversed early gains as the dollar strengthened, and cocoa was firm due to uncertainty over supplies from Ivory Coast. Raw sugar futures broke above 30 cents a lb on Monday, triggering a fresh round of technical buying, and headed up towards the 30-year high of 33.39 cents touched last month, supported by tight global supplies of the sweetener.
ICE March raw sugar was up 0.38 cent or 1.3 percent to 30.87 cents a lb at 1607 GMT. New York sugar may rise into a range of 33.39 cents-34.96 cents per lb based on its latest chart development, and the bearish outlook with a target at 25.60 cents in the December 8 report has been revised, Reuters analyst Wang Tao said. ICE March arabicas were down 1.95 cent or 0.9 percent at $2.1560 per lb at 1609 GMT. March cocoa futures on ICE rose $40 or 1.4 percent to stand at $2,930 a tonne at 1612 GMT.
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