Raw sugar hits near two-month low, cocoa resumes rally

NEW YORK: Raw sugar futures on ICE hit their lowest in nearly two months on Friday as concerns over supply continue to ebb, while cocoa resumed its rally though it remained some way off recent record peaks. SUGAR

May raw sugar settled down 0.6 cent, or 2.8%, at 21.09 cents per lb, having hit its lowest since early January at 20.96/lb. The March contract expired down 6% on Thursday. Dealers said the market has renewed focus on high exports from top producer Brazil, and reduced logistics snags.

Also weighing, sugar crops in key producers India and Thailand are looking better than expected in the final stages of sugarcane harvesting, said Singapore-based commodities trader Wilmar.