Raw sugar futures on ICE tumbled in thin dealings on Thursday, on stop-loss sales and investment liquidation as ample supplies and a dearth of cash interest finally took its toll on the sweetener. Arabica coffee tapped a six-month low and cocoa closed lower as heavy West African supplies and chart-based indicators weighed on the US market.
October raw sugar on ICE crumbled 1.21 cents, or 3.9 percent, to close at 29.92 cents per lb. September arabica coffee on ICE dropped 2.55 cents, or 1.1 percent, to finish at $2.3865 per lb, after falling to a six-month low at $2.3720.
Cocoa futures were lower, as a bumper 2010/11 crop weighed, while expectations of a smaller 2011/12 crop underpinned prices. Technically bearish signals came from the long-term moving averages that merged above the market. September cocoa on ICE fell $62, or 2 percent, to close at $2,974 a tonne.
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