SOFTS-Raw sugar and arabica surge on weaker U.S. dollar

jueves 2 de abril de 2015 14:27 GYT
 

* Sugar, coffee helped by stronger Brazil real

* Index roll boosts volume across the softs board

* Markets closed for Easter long weekend (Adds milestones to paragraph 1, updates prices; adds trade comment, second byline, NEW YORK dateline)

By Marcy Nicholson and David Brough

NEW YORK/LONDON, April 2 (Reuters) - Raw sugar futures on ICE marked their biggest two-day rally in nine months on Thursday, rebounding sharply above a 2009 low, while arabica coffee surged nearly 5 percent, with both markets buoyed by the weak U.S. dollar and chart-based buying.

Cocoa also firmed. The first day of the index roll caused heavy May/July spreading in all soft commodities, traders said.

New York and London markets will shut for the Good Friday holiday on April 3. New York will open late at 7:30 a.m. EDT (1130 GMT) on Monday, but the London softs markets will not reopen until Tuesday.

May raw sugar futures on ICE closed up 0.42 cent, or 3.4 percent, at 12.74 cents a lb.

Though supplies remain abundant, dealers viewed the market as technically oversold after it slid to a more than six-year low on Tuesday.   Continuación...