SOFTS-Sugar recovers from oversold positions, cocoa steady

miércoles 1 de abril de 2015 08:28 GYT
 

* Brisk business in Asia for physical white sugar

* Light volumes in new euro-based cocoa contracts

By David Brough

LONDON, April 1 (Reuters) - Raw sugar on ICE recovered on Wednesday from oversold positions while cocoa steadied, with light volumes in two new euro-based contracts.

Arabica coffee futures edged higher in light technically driven dealings.

Raw sugar futures firmed, holding above 12 cents a lb after dropping on Tuesday to 11.91 cents -- the lowest in more than six years -- on weak Brazilian currency and plentiful supplies.

"We're seeing a reaction to oversold conditions," one London-based broker said. "The market was under a lot of pressure in the past couple of sessions."

Raw sugar futures on ICE rose 0.12 cents, or 1 percent, to 12.05 cents a lb by 1158 GMT.

"We seem most likely to drift lower unless some change in the weather patterns in centre-south Brazil emerges," said Thomas Kujawa, co-head of the softs department at Sucden Financial Sugar.   Continuación...