White sugar gains ahead of expiry, London cocoa at 4-week low
SUGAR
May white sugar was up $9.10, or 1.9 percent, at$488.80 a tonne by 1404 GMT.
The May contract was heading towards expiry on Thursday. Open interest was at 4,204 lots, with dealers expecting a modest delivery of 100,000 to 150,000 tonnes.
May raw sugar rose 0.29 cent, or 1.74 percent, to 16.99 cents a lb, after hitting a session high of 17.16 cents.
Technicals supported, after prices climbed over a 16.95 resistance level, although upside potential remained fragile.
"Everyone knows the situation with the oversupply in sugar but for the moment I think we've hit a bit of a soft bottom," said one dealer. "I think people are a bit scared to commit too much on the short side."
The market was also monitoring weather risk, with a US government agency noting it sees higher chances of an El Nino developing in the second half of 2017. It pegged those chances at 50 percent from August through December.
Egypt will impose a sugar export tariff of 3,000 Egyptian pounds ($165.47) per tonne starting on Friday, the state's official gazette said.
COCOA
July London slipped 17 pounds ($21.28), or 1.07 percent, to 1,568 pounds a tonne after touching 1,560 pounds earlier, its lowest since March 9.
July New York cocoa also fell $24, or 1.22 percent, to $1,943 a tonne, after falling to $1,937, its lowest since March 13.
Both markets slumped in the previous session on weak confectionary demand figures, which signalled declining cocoa prices had not yet translated into higher consumption.
Worries about ample supplies also continued to weigh on sentiment.
Ivory Coast and Ghana, the world's top cocoa producers, said on Wednesday they would deepen collaboration and coordinate their production strategies in order to tackle price volatility.
COFFEE
May arabica coffee gained 1.6 cents, or 1.16 percent, to $1.399 per lb, rebounding after a weak close in the previous session.
Dealers said trade was largely range-bound on Thursday, with good buying appetite around $1.38-$1.40. However, selling pressure could re-emerge around $1.43, they said.
May robusta also rose $21, or 0.97 percent, to $2,178 a tonne.