Arabica coffee rebounds, raw sugar climbs

Arabica coffee futures on ICE rebounded on Thursday, erasing losses from the previous session when the contract hit a 13-1/2-year-low, while raw sugar prices also rose.
London cocoa, robusta coffee and white sugar futures will be closed on Friday and Monday for the Easter holidays.
New York cocoa, arabica coffee and raw sugar futures will be closed on Friday but open on Monday.
July arabica coffee settled up 3.25 cents, or 3.6 percent, at 92.90 cents per lb.
The contract rose in a corrective bounce after nearing technically oversold levels on Wednesday on the relative strength index, dealers said.
The second month contract plunged on Wednesday to a 13-1/2-year-low of 89 cents.
Speculators were trimming a large net short position, dealers said.
Total open interest fell on Wednesday for the fourth straight session to a four-week low of 337,328 lots, ICE data show.
The price recovery may not be sustained, however, due to continued oversupply, dealers said.
On the week, the contract was little changed.
July robusta coffee settled up $4, or 0.3 percent, at $1,416 per tonne. On the week, the contract fell 0.1 percent.
Coffee trading has been slow this week in Vietnam due to weak prices, while elections in Indonesia saw traders keep to the sidelines.
May raw sugar settled up 0.41 cents, or 3.3 percent, at 12.76 cents per lb, after peaking at 12.79 cents, recouping this week's losses.
Still, prices remained within their recent range, with dealers watching 12.87, the March 18 high, as resistance.
The contract was little changed on the week, falling less than 0.1 percent.
August white sugar settled up $6.30, or 1.9 percent, at $338.70 per tonne.
July New York cocoa settled down $31, or 1.3 percent, at $2,372 per tonne. The contract fell 1.2 percent on the week.
July London cocoa settled down 19 pounds, or 1.07 percent, at 1,764 pounds per tonne after earlier climbing to a 3-1/2 month high of 1,786 pounds.
Ivory Coast cocoa grinders processed 224,000 tonnes of beans from Oct. 1 to Feb. 28, a seven percent increase year on year, exporters' association data showed.
Grindings data for North America is expected to be issued later on Thursday.