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Raw sugar futures were sharply lower on Friday, driven by fund selling against the backdrop of rains in Brazil, while arabica coffee prices advanced.
SUGAR March raw sugar was down 0.42 cents, or 3.2 percent, at 12.56 cents per lb at 1432 GMT, breaking out of its recent trading range to the downside.
Rains in Brazil, where dry weather had threatened to stress the cane crop in the key Centre-South region, were seen as bearish but with some concerns about stressed crops.
"The bulls had been hanging their hat on two stories that have been diminishing by the minute - a lack of rain in Brazil and a significantly smaller India crop," one dealer said.
Dealers said the breach of support at a recent low of 12.63 cents per lb helped to accelerate the fall.
March white sugar fell $9.70, or 2.8 percent, to $341.50 a tonne.
COFFEE
March arabica coffee was up 1 cent, or 1 percent, at $1.0630 per lb.
Dealers said technical indicators were becoming more bullish after the recent run-up, with the market on track for a third consecutive daily gain.
March robusta coffee was down $6, or 0.4 percent, at $1,542 a tonne.
Singaporean commodity trader Olam International plans to invest $3.5 billion in key growth areas, such as coffee and cocoa, over the next few years, while exiting some existing businesses, including sugar, to raise funds, it said on Friday.
COCOA
May New York cocoa fell $9, or 0.4 percent, to $2,280 a tonne, with the market consolidating after its recent slide and support seen around this week's low of $2,264.
"The inverted hammer (on price charts) could set the scene for a reversal, but prices need to close above the 100-day moving average ($2,363). On the downside, futures need to break below $2,260 in heavy volumes," Sucden Financial technical analyst Geordie Wilkes said in a market note.
May London cocoa was down 12 pounds, or 0.7 percent, at 1,635 pounds a tonne.

Copyright Reuters, 2019

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