Raw sugar futures closed lower on Wednesday with the market sliding back towards a six-month low set early last week, weighed by an improving supply outlook. Trade sources cited stronger-than-expected sugar production in top grower Brazil and No. 2 exporter Thailand as well as the prospect of further unrestricted exports from India.
Arabica coffee futures reversed to close up a shade in choppy and light dealings, remaining close to a 34-year top set a week ago. May raws on ICE fell 0.39 cent or 1.6 percent to close at 24.55 cents a lb, just up from its six-month low of 24.00 cents hit early last week. July dropped 0.28 cent to end at 22.96 cents.
ICE July arabica coffee erased early losses to close up 0.10 cent at $2.9640 per lb, still within striking distance of the 34-year high of $3.0250 touched on April 20. July robusta coffee futures rose $34 to finish at $2,536 a tonne after earlier hitting $2,555, the highest level for the second month since the end of March. Cocoa futures on ICE climbed on the strong sterling against the US dollar and jumped $92 within a minute, taking it through the 23.6 percent Fibonacci retracement level. July gained $75 or 2.4 percent to finish at $3,168 a tonne.
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