US MIDDAY: coffee and sugar lower; cocoa up

22 Aug, 2009

Summaries of the ICE Futures US cocoa, coffee and sugar markets early on Friday. December arabica coffee contract down 0.25 cent to $1.2555 per lb at 11:12 am EDT (1512 GMT). Session range from $1.2540 to $1.2850. Market turned mildly lower as the US dollar pared its losses and other commodities came off their highs, said traders.
October raw sugar contract 0.14 cent lower at 21.83 cents per lb at 11:12 am. Trading range from 21.22 to 22.58 cents. Investor fund short-covering and possible consumer buying hoisted sugar away from early lows and trade now mulling if India booked orders of sugar after drought hit its cane crop, said traders. Benchmark December cocoa contract gained $35 to $2,950 per tonne by 11:13 am. Range from $2,898 to $2,985.

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