SOFTS-ICE raw sugar plunges as traders head for exit; coffee tumbles

viernes 14 de marzo de 2014 14:23 GYT
 

* Sugar drops over 4 percent to two-week low

* Arabica prices plunge, still notch 7th straight weekly gain

* Small delivery seen against London cocoa expiry (New throughout, updates prices; adds byline, NEW YORK dateline)

By Chris Prentice and David Brough

NEW YORK/LONDON, March 14 (Reuters) - ICE raw sugar futures fell more than 4 percent to a two-week low on Friday as traders liquidated long positions on signs that a recent rally triggered by weather worries in top grower Brazil may have been overdone.

Arabica coffee on ICE Futures U.S. also dropped sharply as investors booked profits, but eked out a seventh straight weekly gain.

London cocoa futures edged up in gyrations ahead of Friday's March contract expiry.

In raw sugar, the front-month May ICE contract finished the day down 0.57 cent, or 3.2 percent, at 17.25 cents a lb and notched a weekly loss after dropping over 4 percent to a near two-week low of 17.07 cents.

Rains and an early start to cane crushing in Brazil have cast doubts over the merit of a weather-driven rally that has lifted sugar prices 17 percent from late January's 3-1/2-year low of 14.70 cents a lb.   Continuación...