Raw sugar falls from near eight-week high before record delivery

(Reuters) – Raw sugar futures on ICE were mostly higher on Thursday, with the spot contract falling from the highest level in nearly eight weeks ahead of a record delivery, though the sweetener saw its strongest monthly gain in nearly two years.

Arabica coffee futures firmed on technical buy signals, finishing the month up for the first time since August 2014. Cocoa rose, though the weak pound GBP= capped gains in New York.

Traders said Wilmar International Ltd (WLIL.SI) bought 1.9 million tonnes of raw sugar against the May contract that expired on Thursday, setting a record for a delivery against the benchmark futures contract.

The ICE exchange will formally announce the delivery results on Friday.

May raw sugar SBc1 settled down 0.11 cent, or 0.8 percent, at 12.98 cents a lb, finishing April up 8.8 percent, the strongest monthly gain since June 2012. The discount of the May/July spread SB-1=R grew ahead of the expiry of the May contract at the end of the session.

The most-active July contract SBN5 settled up 0.03 cent, or 0.2 percent, at 13.18 cents per lb.

August white sugar LSUQ5 closed up $1.80, or 0.5 percent, at $376.70 a tonne.

Arabica coffee futures turned lower on a wave of selling late in the session, after climbing above the 50-day moving average on chart-based buying and the weak U.S. dollar .DXY.

July arabica KCN5 closed down 1.55 cents, or 1.1 percent, at $1.3745 per lb, finishing April up 1 percent, the first monthly rise since August. July robusta coffee futures on ICE LRCc2 finished the session up $16, or 0.9 percent, at $1,792 a tonne, and closed the month up 3.6 percent, the strongest since July 2014.

The benchmark New York cocoa contract CCc2 settled up $2, or 0.06 percent, at $2,943 a tonne, and finished the month up 9 percent. London July cocoa LCCN5 closed up 18 pounds, or 0.9 percent, at 2,005 pounds a tonne, closing the month up 5.1 percent. Both contracts rose to the highest levels since March 9.