The ICE spot raw sugar futures jumped over 5 percent to trade at a fresh four-month high in thin dealings early on Thursday on the contract's last trading day, but the market reversed sharply from levels viewed as technically overbought. Dealers noted that they expected a moderate to large delivery on July.
ICE October raw sugar futures reversed gains and were down a steep 1.29 cents, or 4.8 percent, to 25.63 cents a lb at 12:42 pm EDT (1642 GMT), the second position's biggest daily loss in more than three months. Front-month July raw sugar futures touched a four-month high of 30.88 cents a lb earlier on Thursday. ICE September arabica coffee futures were up 4.30 cents, or 1.7 percent, at $2.65 per lb. ICE September cocoa closed up $32 at $3,151 per tonne.
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