Raw sugar futures rallied to close up 4.7 percent at a five-week high early on Thursday, in its biggest one-day hike in 2011 as the market took back Wednesday's steep losses on cash buying in heavy volume. Arabica coffee reversed to settle up 2 percent after hitting a 3-1/2-month low as origin sellers continued to sit on the sidelines, while US cocoa futures closed lower.
The key July raw sugar contract soared 1.06 cents, or 4.7 percent, to close at 23.52 cents a lb, the spot contract's highest settlement since April 28. July arabica coffee futures jumped 5.30 cents, or 2.1 percent, to settle at $2.6125 per lb after hitting a 3-1/2-month low at $2.5330. Key July cocoa futures dropped $49, 1.7 percent, to close at $2,904 per tonne.