ICE raw sugar futures fell in a reversal of earlier sharp gains early on Tuesday as the dollar strengthened, while cocoa extended losses as concerns over supplies from Ivory Coast eased after a disputed election. Arabicas also fell, with downside potential limited by tight availability of high-quality beans after a 77 percent surge in prices in 2010.
ICE raw sugar futures fell as the dollar strengthened, having earlier corrected higher in a re-adjustment after a 10 percent sell-off on December 30 and as some dealers cited talk that funds were re-weighting sugar in portfolios. ICE March raw sugar was down 0.35 cent or 1.1 percent at 31.77 cents a lb at 1547 GMT and below a 30-year peak of 34.77 cents a lb touched on December 29. ICE March cocoa traded $97 or 3.2 percent lower at $2,938 a tonne in light volume of 662 lots. ICE second-month, March arabicas were down 5.0 cents or 2.1 percent at $2.355 a lb at 1551 GMT, under pressure from the stronger dollar.
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