SOFTS-Sugar hits lowest since 2009, thin trade in new cocoa contracts
* New CME cocoa contract sees 28 lots early
* New ICE cocoa contract trades for first time on day two
By David Brough
LONDON, March 31 (Reuters) - Raw sugar on ICE fell to the lowest level in more than six years on Tuesday, on speculative selling, while cocoa traded around seven-week lows, weighed by favourable weather before the start of West African mid crops.
Activity in the second day of trading of two new euro-based cocoa contracts was again quiet.
Arabica coffee futures steadied, pressured by a stronger dollar against a basket of currencies, consolidating after a four percent fall on chart-based pressure in the prior session.
Raw sugar futures on ICE remained below 12 cents and fell to 11.91 cents a lb in early trading, the lowest level since January 2009, and later gained a little ground to trade flat at 11.99 cents a lb.
"It's speculator selling. The specs have got the market on the run," a senior trader said.
He said that prices were too low to entice offers of Indian raw sugar exports on the market. Continuación...