US MIDDAY: sugar surges

23 Jul, 2011

Raw sugar futures on ICE surged to a five-month high and white sugar pierced a contract high on Friday, on concern about tight nearby supplies, while cocoa posted its biggest decline in nearly three months. Arabica coffee futures slid to a six-month low while robusta moved higher.
October raw sugar on ICE was up 1.39 cents, or 4.7 percent, at 31.24 cents a lb at 12:50 am EDT (1650 GMT) after hitting a five-month high for the spot contract at 31.50 cents.
September cocoa on ICE dropped $107, or 3.4 percent, to close at $3,065 a tonne. September arabica coffee on ICE rose 2.55 cents, or 1.1 percent, to $2.4335 per lb. The contract earlier dipped to $2.38, its lowest level since January.

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