Raw sugar prices slip after setting 6-year record

LONDON: Raw sugar futures fell back on Wednesday after climbing to a six-year peak while arabica coffee futures also turned lower after touching a three-month high.

SUGAR: March raw sugar was 1.2% down at 21.49 cents per lb by 1520 GMT after earlier climbing to a six-year peak of 21.86 cents.

Dealers said the market may be set to consolidate in the short term after its recent strong advance, with technical indicators suggesting the market has become overbought.

The run-up has been fuelled by tight supplies and partly by suggestions that lower than expected production in India is likely to curb exports from the world’s second-largest sugar exporter.