Raw sugar futures pulled back from the previous day's seven-week high to close lower on Tuesday as producer's sold the peaks, and white sugar was hit by the likelihood of more Indian exports. Robusta coffee closed lower on record certified stocks and the arabica market was mixed in choppy dealings, while cocoa closed mostly higher.
New York's July raw sugar contract dropped 0.44 cent, or 1.7 percent, to end at 25.15 cents per lb.seven-week high, due to switching trades as players moved out of the spot contract before it expires at month end.
The world sugar market is expected to switch into surplus in 2011/12, as producers respond to historically high prices. ICE coffee prices reversed higher in thin dealings of nearly 16,000 lots, down about 30 percent from the 30-day average, with the focus on July/September spreading. Robusta prices continued to trend lower, as record certified stocks weighed down the market. ICE September arabica coffee climbed 1.80 cents to close at $2.7230 per lb. ICE September cocoa gained $26 to settle at $2,994 a tonne.
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