SOFTS-Sugar turns lower with eyes on reweighting; coffee, cocoa firm
* White sugar premiums fall from contract highs
* NY cocoa sees weakest week in nearly a year
* Arabica closes the week down 6.1 percent
* Coming up: U.S. Commitments of Traders report at 2030 GMT (Rewrites throughout, updates prices; adds comment, second byline, NEW YORK dateline)
By Marcy Nicholson and David Brough
NEW YORK/LONDON, Jan 8 (Reuters) - Sugar futures on ICE turned lower on Friday, giving back gains from the prior session's rally and taking the white premium off contract highs as traders focused on index reweighting, while coffee and cocoa rose for the first time this week.
After four days lower amid turmoil in Chinese financial markets, several larger markets recovered losses. The 19-market Thomson Reuters CoreCommodity Index inched up above the prior session's 13-1/2-year low despite a stronger U.S. dollar.
March raw sugar settled down 0.29 cent, or 2 percent, at 14.46 cents per lb in heavy volume. This was in stark contrast to the prior session's 2.3 percent jump on nearby demand for white sugar.
Traders said that index reweighting began and that indexes are widely expected to sell a large amount of sugar futures contracts through Thursday. Continuación...