NY Futures: ICE Raw Sugar and Coffee Futures Rise Amid Dollar Weakness Support
Sugar and Coffee Futures Rise on Dollar Weakness
NEW YORK/LONDON, June 6 - ICE raw sugar and arabica coffee futures rose on Thursday in heavy volume, supported by a softer dollar, but gains were limited as the market rebounded modestly from three-year lows hit recently on expectations of ample Brazilian supplies of sugarcane and coffee beans.
Cocoa Gains for Fourth Day
ICE cocoa futures rose for a fourth consecutive session, driven by technical buying.
Raw Sugar Market Performance
ICE July raw sugar futures settled up 0.10 cent, or 0.6%, at 16.48 cents per pound in heavy volume, posting a modest rebound from Tuesday's three-year low of 16.32 cents as expectations of ample Brazilian supplies persisted.
The dollar fell against a basket of currencies. A softer dollar makes dollar-denominated raw materials cheaper for investors holding other currencies.
Raw sugar trading volume was boosted by spread trading. Thomson Reuters preliminary data showed volume was around 186,000 lots, well above the 30-day average of just under 89,000 lots.
Open interest in ICE raw sugar futures climbed to its highest level in more than five years on Wednesday.
White Sugar and Coffee Markets
LIFFE August white sugar futures rose $4.70, or 1%, to settle at $482.50 per tonne.
ICE July arabica coffee futures rose 2 cents, or 1.6%, to close at $1.2945 per pound, marking the largest single-day gain for the front-month contract since early May.
Traders said a softer dollar and short-covering pushed the market higher. Instant coffee
Thomson Reuters preliminary data showed total volume was 46,000 lots, roughly double the 30-day average of about 23,000 lots.
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