Raw sugar futures closed lower for the fourth straight session Tuesday, ending at a one-month low on pressure from economic growth worries and as the market continued to correct down from a five-month peak. Key October raw sugar futures dropped 0.81 cent, or 2.8 percent, to close at 28.16 cents a lb, its lowest settlement since July 6.
Market closed lower for the fourth straight day, closing below the spot contract's 200-day moving average at 28.25 cents for the first time in nearly one month. September arabica coffee futures rose 1.85 cents to finish at $2.4320 per lb. Market extended its gains in a technical bounce, feeling a lift from strong support at $2.40, basis September, said traders. September failed to reach key resistance at the 200-day average of $2.4930, keeping the market in its sideways trend.
September/December spreading boosted volume ahead of first notice day August 23, said traders. ICE certified arabica stocks fell by 3,505 bags to 1,531,208 bags on August 1, with 5,040 bags still pending grading, according to ICE data. Key September cocoa futures closed down $22 at 2,933 a tonne, the lowest settlement since June 17. Session low reached $2,925 a tonne. Total volume reached 30,713 lots, the highest since June 8, according to- Thomson Reuters preliminary data.
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