Raw sugar futures extend gains, arabica coffee closes down
Adds comments and closing prices
NEW YORK/LONDON, Feb 8 (Reuters) -Raw sugar futures on ICE closed up on Wednesday, extending the gains seen in the previous session, while arabica coffee futures closed down.
* March raw sugar SBc1 settled up 0.36 cent, or 1.7%, at 21.20 cents per lb after falling earlier in the session.
* Dealers said the market was apparently being supported by fund buying after bouncing off support around 20.50 cents earlier this week, but added the run-up had run out of steam and the next move appeared unclear.
* They continued to monitor the outlook in India where lower than expected production has reduced the prospect of further exports this season.
* Sugar production in the United States is near record in the current season, said the USDA.
* March white sugar LSUc1 rose $10.50, or 1.9%, to $568.90 a tonne.
* A small delivery is expected against the March contract, which expires next Monday, potentially lower than the 358,650 tonnes tendered against the March 2022 contract.
* May arabica coffee KCc2 settled down 1.7 cents, or 1.0%, at $1.7565 per lb.
* Dealers said a run-up that took arabica to a three-month high of $1.84 a week ago had lost momentum and prices could fall further in the short-term.
* A report by Sucden Financial said that technical indicators suggested lower levels, but to confirm that outlook the market needed to close below the 10-day moving average of $1.7331.
* Brazil's 2023 coffee crop is forecast to rise by 5.7% to 55.5 million 60-kg bags, the Brazilian Institute of Geography and Statistics (IBGE) said on Wednesday.
* May robusta coffee LRCc2 fell $18, or 0.9%, to $2,057 a tonne.
* May New York cocoa CCc2 was little changed at $2,613 a tonne.
* New York cocoa prices CCc2 are expected to close the year with an annual gain of 7.2% as the global market's supply deficit persists, a Reuters poll of 11 traders and analysts showed on Wednesday.
* May London cocoa LCCc2 fell 7 pounds, or 0.3%, to 2,018 pounds per tonne.
Reporting by Marcelo Teixeira and Nigel Hunt; Editing by Barbara Lewis, David Goodman and Jonathan Oatis
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