LONDON: White sugar futures edged higher on Monday while robusta coffee and London cocoa were little changed in thin conditions with US markets shut for Presidents' Day.
New York-based raw sugar, arabica coffee and cocoa markets were all shut and will reopen on Tuesday.
SUGAR
May white sugar was up $1.20, or 0.3 percent, at $358.00 per tonne at 1145 GMT.
Dealers said bouts of fund short covering were providing the main support for prices although fundamentals remained bearish with improving crop prospects in India adding to concerns about excess supplies.
"There is far too much sugar, and nothing can happen to substantially alleviate that surplus for at least 18 months, but the funds are very short," Marex said in a market update.
Speculators trimmed net short positions in both white and raw sugar in the week to February 13.
COCOA
May London cocoa was down 3 pounds, or 0.2 percent, at 1,504 pounds a tonne, holding just below a 2-1/2 month high of 1,514 pounds set on both Thursday and Friday.
Dealers said funds were continuing to reduce a net short position with price charts seen as generally supportive after the recent strong performance.
"The indicators are on the upside and we may see a test of 1,515 (pounds a tonne). The close above the 100 day moving average also improves the outlook in the near term," said Sucden Financial technical analyst Geordie Wilkes.
COFFEE
May robusta coffee was up $1, or 0.1 percent, at $1,755 a tonne.
Dealers said a weak close on Friday had put the market on the defensive with key support seen around the 40-day moving average of $1,745 a tonne.
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