Robusta coffee futures fell to a two-and-a-half-month low in New York.
New YORK / London (Reuters)-ICE raw sugar futures edged higher on Wednesday amid rumors that the Chinese government may be considering restrictions on sugar imports, triggering short covering.
Robusta coffee futures hit a two-and-a-half-month low, while Arabica coffee futures also fell as a small number of investors sold. Cocoa futures weakened and trading was quiet.
ICE- March Raw Sugar Futures (SBc1) settlement price rose 0.05 cents, or 0.3%, to 15.47 cents per pound. At one point, it rose 1.3% to 15.62 cents in intraday trading, but trading was light.
After the recent fall in prices, the market has also shown a technical oversold, speculators have begun to reduce a large number of net short positions.
March sugar futures (LSUc1) fell 10 cents, or 0.03 percent, to $398.80 a tonne.
March Robusta coffee futures (LRCH5) closed down $11, or 0.6%, at $1997 a tonne, the lowest since Sept. 30. March Arabica coffee futures (KCc2) settled down 1.90 cents, or 1.1%, at $1.7855 a pound.
New York March cocoa futures (CCH5) fell $19, or 0.6%, to close at $2933 a tonne.
London March Cocoa Futures (LCCH5) closed down 11 pounds, or 0.6%, at 1938 a tonne. (end)
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