Sugar prices closed mostly lower on Monday, driven down for most of the session by an oil-led decline in commodity markets, technical influences and abundant supplies, particularly in top consumer India, dealers and analysts said. Coffee and cocoa, however, bucked the day's weak trend and moved up quietly, trading well within recent trading ranges.
Both raw and white sugar futures prices dropped, as pressure remained from No 2 producer India's announcement last week that it would allow another 500,000 tonnes of unrestricted sugar exports. October raw sugar on ICE dropped 0.09 cent to end at 25.91 cents a lb. Failure of October raw sugar on ICE to break key resistance at 26.31 cents may have sparked chart-driven sales, dealers said.
ICE cocoa futures were higher, but remained rangebound after recent failures to close above the 200-day moving average around 3,059, basis September. ICE September rose $36 to settle at $3,000 a tonne, remaining well within the $2,870 to $3,070 range that has held for six weeks. ICE arabica coffee futures edged higher with September closing up 0.55 cent at $2.5105 per lb.
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