Raw sugar, arabica coffee and cocoa futures finished higher on Thursday as the market extended gains after heavy liquidation this week caused by the nuclear crisis in earthquake-hit Japan. The benchmark May raw sugar contract jumped 0.89 cent, or 3.4 percent, to close at 26.74 cents per lb. Contract traded from 25.98 to 27 cents.
Sugar boosted by possible consumer buying, with some inquiries also buoying the sweetener. Jack Scoville, senior analyst at brokers The Price Group, said some buyers took advantage of a fall in sugar to near 25 cents to book orders. Traders said the buying was expected especially after sugar had fallen from over 30 cents. May arabica coffee futures rose 5.55 cents to end at $2.709 per lb. Analysts said the rise was inspired by a rally in the London robusta market to its highest in three years. Key May cocoa futures rose $67, or 2.08 percent, to close at $3,282 per tonne. The contract closed on Wednesday at $3,215, the lowest settlement for the market since January 21, according to Thomson Reuters data.
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