New York Futures: ICE Raw Sugar and Coffee Futures fall and close to Multi-year lows
New YORK / London (Reuters)-ICE raw sugar futures fell on Wednesday as traders focused on July contracts nearing expiration, while London's August white sugar contract surged to its highest premium in nearly a year from October contracts.
ICE Arabica coffee futures fell on Wednesday, just above recent multi-year lows as the dollar index rose.
London cocoa futures jumped, helped by a weaker pound, and ICE cocoa futures were little changed, settling after falling to a two-month low on Monday.
ICE- 's July raw sugar contract fell 0.06 cents, or 0.4%, to 17.01 cents per pound.
Traders focused on the ICE- July raw sugar futures contract, which expires on Friday, and some expect large deliveries, possibly including Mexican sugar, a massive glut of Mexican sugar.
Due to global oversupply, raw sugar futures traded above a three-year low of 16.17 cents hit on June 13.
London International Financial Futures and options Exchange (LIFFE)-August sugar contract rose 30 cents, or 0.1 percent, to $517.80 a tonne.
Sugar futures in recent months narrowed compared with the October contract premium, which widened to $31.70, the widest in about a year, sparking rumors that Mexican sugar could be delivered when ICE raw sugar expires on Friday.
ICE- September Arabica coffee futures fell 2.10 cents, or 1.7 percent, to $1.1845 a pound.
Prices are not far from the $1.1710 contract hit in the month after June 20, the lowest since July 2009, as Brazil's bumper harvest weighed on prices.
Liffe- September Robusta coffee futures closed down $24, or 1.4%, at $1725 a tonne. Instant Coffee
The Liffe- cocoa contract rose 16 pounds, or 1.1 per cent, to close at 1454 a tonne in September. The ICE- September cocoa contract closed up $2 at $2165 a tonne.
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New York Futures: ICE Raw Sugar and Coffee Futures rose as support from a weaker dollar
New YORK / London (Reuters)-ICE raw sugar and Arabica coffee futures rose on Thursday as the dollar weakened, but prices rebounded from a recent three-year low on expectations of an ample supply of sugar cane and coffee beans in Brazil. ICE cocoa futures rose for the fourth day in a row, driven by technical buying. ICE- July Raw Sugar Futures
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