New York Futures: Arabica Coffee Futures turn up to fall
New YORK / London Nov 24 (Reuters)-Arabica coffee futures closed lower on Monday, rising more than 3% after being pushed up by short covering, sending Arabica coffee futures higher after investors sold off.
Cocoa futures continued their rally, attracting buyers to enter the market after rising above the previous day's high, while raw sugar and white sugar futures fell as rainfall in Brazil boosted the growth prospects of crops next year.
Trading in the soft goods market was generally light ahead of the Thanksgiving holiday on Thursday.
Arabica coffee futures rose sharply driven by short covering, but were dragged down by speculators in light trading, traders said.
ICE- March Arabica Coffee Futures (KCc2) closed down 20 cents, or 0.1%, at $1.9050 a pound, rising to an intraday high of $1.9780. ICE- January Robusta coffee futures (LRCc2) closed up $21, or 1%, at $2099 a tonne.
Cocoa futures in New York jumped. ICE- March Cocoa Futures (CCH5) closed up $44, or 1.6%, at $2866 a tonne. London March cocoa futures (LCCc2) rose 20 pounds, or 1.1%, to 1893 pounds per tonne.
ICE- March Raw Sugar Futures (SBc1) closed down 0.09 cents, or 0.6%, at 16.00 cents per pound. ICE- March Sugar Futures (LSUH5) fell $3.00, or 0.7%, to close at $417.70 a tonne.
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