Sugar also surprised dealers as both raws and whites dropped to one-month troughs, while coffee moved higher on the weak US dollar, following the positive trend in other commodity and equity markets. Italy's Senate approved economic reforms aimed at restoring investor confidence and clearing the way for a new government. "Sugar and cocoa are doing the opposite of what we'd think they'd be doing on a day like this," said Hector Galvan, senior market strategist for RJO Futures in Chicago. "People are looking for bottoms." ICE March cocoa settled flat at $2,559 per tonne, after inching down to its lowest for the second month since July 2009 at $2,544. The contract extended its losses after triggering sell-stops below $2,558, the previous day's low, dealers said. London December cocoa closed down 9 pounds at 1,596 pounds per tonne, after the second-month hit the lowest since July 2009 at 1,584 pounds. The tail end of December/March spreading on ICE, ahead of the December contract's first notice day next week, added some market pressure and caused the spread to reach the widest since July 2010. "It's all a question of the bigger, wider macroeconomic story," said Gary Mead, analyst with VM Group, referring to moves in Italy to form a new government and tackle its public debt. "Risk aversion is still the name of the game for the speculative investor." SUGAR STUMBLES TO ONE-MONTH LOW Raw sugar futures dipped to a one-month low, as dealers noted that any news on Indian exports or the weather in Russia could give prices clearer direction. "There have been several hints, including from the more cautiously inclined Indian Food Minister, that exports -- most likely to be at least 500,000 tonnes or possible 1 million -- will be allowed at a meeting next week," said a European broker. "But how the market takes this might depend more on Italy than on sugar concerns." Brazil's smaller than expected cane crop and floods in Thailand, which could delay the flow of sugar, were expected to support the market in the longer term. ICE March raw sugar futures dropped 0.39 cent, or 1.5 percent, to settle at 25.00 cents a lb, after hitting 24.80 cents, the lowest since Oct. 7. James Kirkup, head of sugar brokerage at ABN AMRO Markets (UK) Ltd, said he expected cash offtake to be triggered between 24.00-25.00 cents a lb. December white sugar futures on Liffe finished down $22.70, or 3.4 percent, at $652.10 per tonne, after hitting a one-month low at $651. Coffee futures, on the other hand, moved higher in tandem with the Reuters-Jefferies CRB index, a global benchmark for commodities. Dealers said the market has been getting mixed signals with rising certified ICE stocks seen as a bearish factor, while strong demand and high differentials for Brazilian coffee had been bullish. "There's a vast Brazilian crop coming. Brazilian producers are holding back on making contracts, but I think they will rue the day, because it's unlikely the price of today will sustain into next year," Mead said. March arabica coffee futures on ICE jumped 3.90 cent to settle at $2.3730 per lb, while January robusta coffee on Liffe settled up $13 at $1,850 a tonne.