Morning Review: Arabica Coffee Futures decline

New YORK / London (Reuters)-ICE raw sugar futures closed higher on Friday for the first time in seven sessions, buoyed by end-users and technical buying after falling to a five-and-a-half-week low yesterday.

ICE cocoa futures were technically driven away from the five-and-a-half-month low hit this week, while Arabica coffee futures fell on forecasts of rain in Brazil, the main grower.

ICE- 's March raw sugar futures closed up 21 cents, or 1.4%, at 15.69 cents a pound, hitting a low of $15.42 on Thursday.

"the market is extremely oversold and 15.50-15.75 cents seems to be a good buying opportunity for end users." Said James Cordier, founder of commodity investment company OptionSellers.com.

December sugar futures on the London International Financial Futures and options Exchange (LIFFE) rose $3.50, or 0.8%, to close at $418.90 a tonne.

ICE- March cocoa futures closed up $12, or 0.5%, at $2883 a tonne. LIFFE- March cocoa futures rose 8 pounds, or 0.4%, to close at 1902 pounds a tonne.

March Arabica coffee futures fell 1.25 cents, or 0.7%, to close at $1.8675 a pound. LIFFE- January Robusta coffee futures rose $12, or 0.6%, to $2019 a tonne.