LONDON: Raw sugar futures on ICE edged higher on Friday in thin pre-holiday trade as the market continued to consolidate just above last week's 6-1/2 month low.
March raws was up 0.11 cents, or 0.6 percent, at 18.27 cents a lb at 1253 GMT. The front month has been stabilised during the last few days after dipping to a 6-1/2 month low of 17.84 cents on Dec. 15.
Dealers said the market could see a test of support at the recent low next week if funds opt to further scale back a large net long position.
"Going into the last week of the year things could get interesting if there is more Fund/spec liquidation in order to book profits this financial year," Sucden Financial senior trader Nick Penney said in a market note.
Raw sugar futures are currently on track for an gain of 20 percent in 2016.
European-based white sugar, robusta coffee and London cocoa markets had an abbreviated session ahead of the holiday. March whites ended $0.40, or 0.1 percent, higher at $491.00 per tonne. Robusta coffee futures were higher, supported by a slowdown in the harvest in top producer Vietnam following heavy rains.
March robusta futures settled $25, or 1.2 percent, higher at $2,089 a tonne. Arabica coffee prices were little changed with March off a marginal 0.10 cent, or 0.1 percent, at $1.39 per lb. London cocoa futures rose, boosted party by the weakness of sterling with March ending 14 pounds or 0.8 percent higher at 1,816 pounds a tonne.
Sterling headed for its biggest weekly fall in almost three months on Friday. March New York cocoa was off $2, or 0.1 percent, at $2,187 a tonne.
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