ICE raw sugar futures closed lower in choppy dealings on Friday amid profit-taking on the last trading day of July, while cocoa closed little changed as its spreads hit contract lows on heavy West African supplies. Coffee traded higher, while the commodity complex hit its biggest one-day loss in two weeks as investors fled to safe havens on concern about sovereign debt crises on both sides of the Atlantic.
Raw sugar futures fell on profit-taking, but most players appeared reluctant to take aggressive positions before the August 2 deadline for the United States to raise its debt ceiling or risk default. October raw sugar on ICEdropped 0.11 cent to finish at 29.81 cents per lb, below the contract high of 31.68 cents touched on Monday.
Dealers said recent high prices were curbing physical demand as buyers hoped prices would correct lower. Cocoa futures on ICE closed flat to lower, with nearby contracts getting a lift off their lows from a strong pound against the dollar and firm industry offtake, while the currency pressured Liffe cocoa to a weak settlement.
September cocoa on ICE closed steady at $2,974 a tonne, finishing the month down 5.6 percent and marking the first monthly close below $3,000 since March. September arabica coffee on ICE climbed 0.9 cent to close at $2.3955 per lb in an inside day, having fallen on Thursday to a six-month low at $2.3720.
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