Cocoa futures closed down 2.6 percent on Thursday in another bout of commodity selling, while investor short-covering and possible consumer buying lifted sugar. ICE second-month, July cocoa tumbled $81, or 2.6 percent, to close at $3,037 per tonne. Total volume was above 23,000 lots, the highest since May 5, preliminary Thomson Reuters data shows.
ICE July raw sugar futures gained 0.39 cent, or 1.9 percent, to close at 21.33 cents per lb. Arabica futures dropped nearly 12 percent from a 34-year high hit on May 3 at $3.0890 per lb and total open interest sat at a 1-1/2-year low. ICE July arabica coffee rose 1.80 cents to close at $2.7495 per lb. If the commodity complex steadies, it's possible arabica coffee could quickly rise 10 cents, back towards its 34-year high, a London-based broker said.
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