Raw sugar slips as India scraps export tax

Raw sugar futures on ICE were lower on Tuesday, pressured by India's decision to scrap an export tax that to concerns about oversupply, though prices held above the prior session's 2-1/2-year low. Cocoa rebounded from the prior session's tumble. May raw sugar settled down 0.33 cent, or 2.6 percent, at 12.56 cents per lb.
The front month slid to a 2-1/2 year low of 12.30 cents on Monday before rebounding sharply on short covering. May white sugar settled down $6.80, or 1.9 percent, at $349.80 per tonne.
May New York cocoa settled up $35, or 1.4 percent, at $2,480 per tonne, largely erasing the losses of the prior session when it fell more than 3 percent, its biggest one-day tumble this year. May London cocoa settled up 25 pounds, or 1.4 percent, at 1,756 pounds per tonne
May robusta coffee settled down $3, or 0.2 percent, at $1,754 per tonne. May arabica coffee settled down 0.4 cent, or 0.3 percent, at $1.1895 per lb.