LONDON: Raw sugar prices on ICE were higher on Thursday, with the market regaining some ground after a sharp fall in the past few days, though the scope for significant recovery appeared limited as crude oil and Brazil's real currency weakened.
SUGAR
July raw sugar was up 0.08 cents, or 0.7 percent, at 12.29 cents per lb by 1533 GMT. The contract had dipped to a low of 12.10 cents on Wednesday, its weakest since Jan. 4.
"The weak Brazilian real and the still amply supplied market are not allowing much in the way of upside potential for the sugar price just now," Commerzbank said in a market note.
A weak Brazilian real improves dollar-denominated prices in local currency terms and can encourage producer selling in the world's top exporter.
Dealers also noted concerns about sluggish demand - highlighted earlier this week with a lack of appetite to take delivery when the May contract expired - had helped to put the market on the defensive.
Chart-based support was seen at around 12 cents a lb, with the July contract having a low of 11.99 cents early this year.
ICE August white sugar fell $0.70, or 0.2 percent, to $331 a tonne.
COCOA
July London cocoa was up 28 pounds, or 1.6 percent, at 1,800 pounds a tonne as the market recouped the previous session's losses.
Dealers said the market was reasonably balanced, with first-quarter grind data reinforcing sentiment that demand was quite strong while large harvests in West Africa should ensure sufficient supplies.
July New York cocoa rose $52, or 2.25 percent, to $2,367 a tonne.
COFFEE
ICE July arabica coffee was up 0.8 cents, or 0.9 percent, at 91.90 cents per lb. July robusta coffee rose $3, or 0.2 percent, to $1,379 a tonne.
Domestic prices in Vietnam edged down slightly this week, prompting farmers to halt sales, while Indonesian premiums to the July contract widened to compensate for a drop in global prices.
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