US MIDDAY: sugar plunges

US cocoa futures settled up nearly 2 percent on Thursday, on chart-based buying and following positive European demand data. Raw sugar closed at a six-month low as supply availability was perceived as improving, while arabica coffee futures saw a strong session as May/July spreading dominated.
The benchmark May raw sugar contract dropped 0.35 cent, or 1.4 percent, to finish at 24.44 cents per lb, the weakest settlement for the spot position since October 6, 2010. July arabica coffee futures gained 1.45 cents, or 0.5 percent, to close at $2.8515 per lb. Key July cocoa futures climbed $57, or 1.9 percent, to close at $3,127 per tonne.