(Reuters) – ICE raw sugar futures turned lower on Thursday, sliding out of a sideways trading range to their lowest levels in almost a month as bullish factors were seen turning stale.
March raws were down 0.27 cents, or 1.2 percent, at 22.68 cents per lb at 1126 GMT. The contract fell to 22.43 cents in early trading, the lowest for the front position since Sept. 23.
“A lot of people came out to the London sugar dinner (earlier this month) with the view that there is nothing new and that the market needs new, fresh, bullish news,” a dealer said.
Funds who have amassed massive long sugar positions are squeezing trading houses operating in Brazil which have had to cover large margin calls on their hedging operations, French trading group Sucden said on Tuesday.
December white sugar fell $2.80, or 0.5 percent, to $591.30 per tonne.
Cocoa futures continued to climb, as the market awaited third quarter cocoa grind data for North America.
Traders estimate a 2-3 percent rise, with the data set for release today at 4 p.m. Eastern Time, or 2000 GMT.
December New York cocoa rose for the third straight session, up $13, or 0.5 percent, to $2,737 per tonne.
March London cocoa was up 10 pounds, or 0.5 percent, at 2,190 pounds per tonne.
Asia’s cocoa grinds in the third quarter of this year jumped 12.45 percent to 167,737 tonnes from a year ago, the Cocoa Association of Asia said on Thursday.
Coffee futures turned lower, with robusta coffee slipping further from a two-year high.
January robusta coffee fell $6, or 0.3 percent, at $2,123 per tonne. The contract touched a peak of $2,161 in the previous session, the highest for the second month since October 2014.
December arabica coffee fell 0.7 cents, or 0.4 percent, to $1.5715 per lb.
