Saturday, 29 December 2012 03:14
NEW YORK/LONDON: Raw sugar futures on ICE hit a three-week high on Friday, extending a rebound above the 50-day moving average and then paring gains. Cocoa also dipped, touching the lowest level in months, while arabica coffee remained on track for its biggest yearly decline since 2000.
Overall volume in the softs complex remained thin with many dealers away from their desks between the Christmas Day holiday on Tuesday and the upcoming New Year holiday on Jan. 1.
Raw sugar futures have been rebounding from a drop earlier this month to the lowest levels in more than two years. Cocoa has dropped every day for more than a week after a fall below the 200-day moving averages in mid-December triggered technical sell signals. Arabica coffee is on track for the weakest annual performance of the 19 commodities on the Thomson Reuters-Jefferies CRB index.
March raw sugar futures on ICE were up 0.01 cent, ...