* 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.
May white sugar was up $2.20, or 0.6 percent, at $357.60 a tonne.
Brokers spoke of brisk business in physical white sugar, notably in Asia.
Cocoa futures steadied, capped by favourable weather in West African growing regions, auguring well for mid-crops.
In the new CME and ICE euro-based cocoa contracts, which launched on Monday, four lots traded in the new ICE contract <0#ECC:> on Wednesday. In the new CME contract <0#1CCP:>, 15 lots traded.
One London broker said it was still too early to assess the new contracts.
New York May cocoa was up $5, or 0.2 percent, at $2,704 a tonne in volume of 1,895 lots.
London May cocoa rose 6 pounds, or 0.3 percent, to 1,907 pounds a tonne.
May arabica was up 0.9 cent, or 0.7 percent, at $1.3380 per lb on light technically driven buying.
May robusta coffee rose $4, or 0.2 percent, to $1,733 a tonne. (Editing by David Goodman)