Coffee futures rose on Tuesday, rebounding after tumbling to near a five-month low in the previous session, with cocoa also getting a lift as investors grew less worried about the possibility that Greek might default on its sovereign debt. Raw sugar futures ended at a fresh 2-1/2 month top as late investor buying offset early profit-taking and producer sales, with the market unable to race past the 200-day moving average at 27.59 cents, analysts said.
New York's September arabica futures increased 0.65 cent to settle at $2.4695 per lb. Arabica coffee futures tapped their lowest level in nearly five months, nearing the 200-day moving average at $2.393 per tonne, basis September. Sugar prices were mixed, with raws easing after hitting a 2-1/2 month top on Monday. New York's July raw sugar contract added 0.02 cent to close at 27.49 cents. Cocoa also neared its 200-day moving average, which was just above the market at $3,055 per tonne, basis September. New York's September cocoa futures rose $58 to end at $3,026 per tonne.
Comments
Comments are closed.