ICE sugar futures vaulted to settle up 4.3 percent on Tuesday, in their biggest one-day surge this year, fuelled mainly by a strong rebound after last week's steep losses and on concern about top grower Brazil's late crop. Coffee futures finished lower after a choppy session, on a combination of support from the strong commodity complex and pressure after No 1 producer Brazil announced it would sell its older arabica stocks.
ICE July raw sugar futures jumped 0.91 cent, or 4.3 percent, to close at 21.87 cents per lb, after hitting a session high at 22.25 cents. New York sugar is expected to rebound to 22.33 cents, as the RSI indicator indicated it has been oversold, according to Reuters market analyst Wang Tao. ICE coffee prices were lower, consolidating below their 34-year high of $3.0890 a lb touched on May 3, feeling pressure from Monday's announcement that Brazil will begin to sell 1.55 million bags of its public arabica stocks.
ICE July arabica coffee reversed to end down 4.80 cents, or 1.7 percent, at $2.8260 per lb, the lowest settlement since April 12. ICE cocoa edged higher as dealers eyed the pace of exports coming out of top producer Ivory Coast, while the market got a lift from the strong commodity complex. ICE second-month, July cocoa rose $23 to finish at $3,105 per tonne.
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